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Heads Up — Highlights of the CARES Act

Published on: 15 May 2020

This Heads Up discusses key aspects of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides $2.2 trillion of economy-wide financial stimulus in the form of financial aid to individuals, businesses, nonprofits, states, and municipalities. The Heads Up focuses on provisions of the CARES Act related to financial instruments, income taxes, and accounting models for government assistance.

Originally issued on 9 April 2020, this Heads Up has been updated several times to reflect recent developments related to the CARES Act. Revisions have been marked throughout the document and are summarized in the appendix.

This issue was updated on May 15, 2020, to reflect additional guidance issued by the Small Business Administration and discussions with the SEC staff associated with the CARES Act.

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