In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law to provide a $2.2 trillion economic stimulus package. The goal of the act is to provide economic support to United States families, individuals, and businesses impacted by COVID-19. At this point that is just about every person in the United States.
The CARES Act also modified to main aspects of the U.S. Bankruptcy Code to help businesses and individuals. These modifications effect currently filed bankruptcies and bankruptcies that will be filed in the future