Federal Stimulus Funding: Coronavirus Aid, Relief, and Economic Security (CARES) Act
Published: April 01, 2020
On March 27, 2020 Congress passed a $2.2T stimulus bill, the Coronavirus Aid, Relief and Economic Security (CARES) Act, funding a wide range of initiatives to support the economic stabilization of businesses and individuals; provide medical expertise to develop diagnostics and vaccines, fund the purchase of much-needed medical equipment and supplies; and facilitate distance learning and teleworking. This report provides a breakdown of federal funding as well as insights into potential areas in which agencies may require additional contractor support.
- The broad range of funded initiatives and scope of funding will challenge those agencies’ tasked with execution to leverage those funds quickly.
- Maintaining awareness of the requirements for accessing funds will be critical, particular in areas where cross-agency collaboration will be necessary.
- If possible, contractors should consider their ability to support the response at both the federal and SLED levels, given the broad scope of the stimulus.