On March 27, 2020, Congress voted to pass the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”), and the president signed it into law shortly thereafter. Also known as “phase three” in a series of legislation passed by Congress in response to the ongoing Coronavirus (“COVID-19”) pandemic, the CARES Act provides approximately $2 trillion in financial relief and provides wide ranging support to various industries and business, workers, students, families and the unemployed in a variety of ways. This memorandum focuses on the business tax relief aspects of the CARES Act, while other S&C publications address other topics.