Understanding the Benefits of the CARES Act: What You Need to Know for 2023

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted in March 2020, was a pivotal piece of legislation aimed at mitigating the economic impact of the COVID-19 pandemic. While many provisions were time-sensitive, several key benefits have extended into 2023, continuing to provide support to individuals and businesses. This article delves into these enduring benefits and offers practical guidance on how to leverage them.

Direct Financial Support for Individuals

Economic Impact Payments (Stimulus Checks)

The CARES Act initially provided one-time payments of up to $1,200 for individuals and $2,400 for married couples, plus $500 per qualifying child. These payments were phased out for individuals with adjusted gross incomes above $75,000 and married couples above $150,000. As of 2023, there have been no additional federal stimulus checks. However, some states have implemented their own relief programs. It’s advisable to check with your state’s Department of Revenue or equivalent agency for current information.

Unemployment Benefits

The CARES Act expanded unemployment benefits by providing an additional $600 per week on top of regular state benefits and extended the duration of benefits. While the federal enhancement expired in July 2020, many states have maintained or introduced their own supplemental unemployment benefits. To determine your eligibility and application process, visit your state’s unemployment insurance website.

Support for Businesses and Organizations

Paycheck Protection Program (PPP)

The PPP offered forgivable loans to small businesses to retain employees during the pandemic. The program concluded in 2020, but the Small Business Administration (SBA) continues to offer other forms of assistance, such as the Economic Injury Disaster Loan (EIDL) program. Businesses can apply for low-interest loans to cover operating expenses. For more information, visit the SBA’s official website.

Employee Retention Credit

This refundable tax credit was designed to encourage businesses to keep employees on their payroll. While the original program ended in 2021, some businesses may still be eligible for retroactive credits. Consult with a tax professional or refer to IRS guidelines to assess your eligibility.

Housing and Student Loan Protections

Mortgage Assistance

The CARES Act provided a 120-day moratorium on evictions for tenants in properties with federal assistance or federally backed mortgages. While this federal moratorium has ended, some states and localities have implemented their own protections. Contact your local housing authority or visit the U.S. Department of Housing and Urban Development (HUD) website for current information.

Student Loan Relief

Federal student loan borrowers received automatic suspension of payments and a 0% interest rate through September 2020. As of October 2025, federal student loan payments have resumed. However, some borrowers may be eligible for income-driven repayment plans or Public Service Loan Forgiveness. For personalized assistance, contact your loan servicer or visit the Federal Student Aid website.

Healthcare and Public Health Funding

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

The CARES Act expanded the use of HSAs and FSAs to include over-the-counter medications and menstrual products without a prescription. This change remains in effect, allowing account holders to use their funds more flexibly for health-related expenses. For detailed information, refer to IRS Publication 969.

COVID-19 Testing and Vaccinations

The CARES Act required all group health plans to provide free COVID-19 testing. While the federal government has shifted its focus to other public health priorities, many health plans continue to cover COVID-19 testing and vaccinations. Contact your health insurance provider to understand your coverage specifics.

Additional Resources and Support

State and Local Programs

Beyond federal initiatives, many state and local governments have introduced their own relief programs, including rental assistance, food support, and business grants. To explore available resources in your area, visit your state’s official website or contact local community organizations.

Financial Counseling and Assistance

If you’re facing financial challenges, consider reaching out to non-profit organizations that offer free or low-cost financial counseling. The National Foundation for Credit Counseling (NFCC) provides resources and can connect you with certified counselors.

Conclusion

While the CARES Act was a landmark response to the economic challenges posed by the COVID-19 pandemic, its legacy continues to influence support mechanisms available to individuals and businesses. Staying informed about these benefits and utilizing available resources can provide significant assistance during ongoing economic recovery efforts.