The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the “phase three” legislative response to the COVID-19 crisis. At $2.2 trillion (more than 10 percent of U.S. GDP), the CARES Act is the most significant piece of federal disaster and economic relief ever passed in American history. The 880-page bill provides economic aid to individuals, businesses, and industries and additional support for hospitals, health care workers, and other elements of the health care system. It will be important to watch how the government does in implementing a number of time-sensitive and much-needed provisions, including rebate checks for individual Americans, expanded unemployment insurance benefits, small business loans, and distressed industries lending. Timely and effective implementation will play critical roles for the ultimate efficacy of the CARES Act and its impact on the economic landscape as well as company and industry specific outlooks.