Baker McKenzie's North America Tax Practice Group has prepared an Updated Client Alert on H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The Senate passed the bill on 25 March 2020, and we expect the House of Representatives to pass the bill on Friday, 27 March 2020, and the President to sign it shortly thereafter. This bill follows two rounds of legislation providing federal government support in response to the Coronavirus crisis, and is generally referred to as "Phase 3" legislation by members of Congress. The bill includes tax changes that are meant to increase the amount of liquidity available to companies during the economic downturn. This Updated Client Alert recaps the tax provisions in the proposed bill (covered in our earlier Client Alert), explains changes to those provisions, and highlights new and additional provisions.
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