About the summary
March 31, 2020
In the late afternoon of March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act). This legislation provides $2.2 trillion in federal funding intended to stimulate the economy due to layoffs and other economic consequences of the COVID-19 pandemic. The CARES Act follows on the heels of the Families First Coronavirus Response Act (FFCRA) which provided expanded paid leave provisions in light of COVID-19.
The CARES Act is 880 pages long and consists of numerous divisions, titles and subtitles. At McGriff, we've combed through the CARES Act to highlight some key provisions focusing on group health plans and other employee benefit plans. We will also briefly touch on certain aspects of the broader economic stimulus.
Insurance products and services offered through McGriff Insurance Services, LLC, a subsidiary of Truist Insurance Holdings, LLC, are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
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