House Approves CARES Act by Voice Vote
The House has given final approval to H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, by a voice vote. While Rep. Tom Massie’s (R-KY) request for a recorded vote due to a lack of a quorum would have delayed the bill’s passage, the House Speaker Pro Tem (the presiding officer who oversaw the House floor debate) ruled that a quorum was present. This was actually was the case, and as a result, no recorded vote was required.
The President will sign the bill shortly after it is presented to him, either later today or over the weekend.
For your information only (please do not widely distribute), here is a summary of the bill from Congressional Quarterly. It provides a practical summary of the bill’s provisions and was used as a briefing tool for House members.
In addition, here is a table that projects the 10-year cost of the tax provisions included in the recently passed measure, which amounts to nearly $600 billion. The table itemizes each cost of the 21 tax provisions included in the CARES Act.
The House has adjourned until next Tuesday when it will reconvene in a pro forma session. No legislative business will be conducted.
With the bill’s final passage, the action now shifts to the Federal agencies, which will issue rules and guidance on how the funding will be made accessible, along with the implementation of other non-funding provisions. Clark Hill’s Government and Regulatory Affairs team will be providing regular updates on these steps, as they are critical in understanding the multiple trade routes available for entities to tap the recently passed resources and authorities.