VRF Relief 2020

Summary of CARES Act as Passed by the U.S. Senate

Below is a summary of the CARES Act from the National Retail Federation (NRF) as it passed the United States Senate. The bill must still pass the House and be signed by the President before it becomes law. The U.S. House is scheduled to vote on the CARES Act tomorrow, March 27th, and we do not expect to see much if anything change with regard to the legislation. We will also send out a final summary once it passes the House and is signed by the President.

Summary of Key Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act
March 25, 2020

Small Business “Paycheck Protection Program”
  • Provides $350 billion to support loans through a new Paycheck Protection Program for:
    • Small employers with 500 employees or fewer, as well as those that meet the current Small Business Administration (SBA) size standards;
    • Restaurant and hospitality businesses with fewer than 500 employees per location;
    • Self-employed individuals and “gig economy” individuals; and
    • Certain nonprofits, including 501(c)(3) organizations and 501(c)(19) veteran organizations, and tribal business concerns with under 500 employees.
  • The size of the loans would equal 250 percent of an employer’s average monthly payroll. The maximum loan amount would be $10 million.
  • Covered payroll costs include salary, wages and payment of cash tips (up to an annual rate of pay of $100,000); employee group health care benefits, including insurance premiums; retirement contributions; and covered leave.
  • Cost of participation in the program would be reduced for both borrowers and lenders by providing fee waivers, an automatic deferment of payments for one year, and no prepayment penalties.
  • Loans would be available immediately through more than 800 existing SBA-certified lenders, including banks, credit unions and other financial institutions, and SBA would be required to streamline the process to bring additional lenders into the program.
  • The Treasury Secretary would be authorized to expedite the addition of new lenders and make further enhancements to quickly expedite delivery of capital to small employers.
  • Increases the maximum loan amount for SBA Express loans from $350,000 to $1 million. Express loans provide borrowers with revolving lines of credit for working capital purposes.

Click here to view full summary of CARES Act. 

Additional Resources

  • Click here to find the FAQ page for Governor Northam’s Executive Order 53. 
  • Click here to find the Virginia Department of Health’s Guidance Document on Governor Northam’s Executive Order 53 as it relates to Restaurants. 






Virginia Retail Federation (VRF) proactively represents and supports the legislative interests of Virginia retailers on the local, State, and Federal levels.

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