On March 25th, 2020, The White House and Senate leaders reached an agreement on a $2.2 trillion stimulus package that would offset the economic damage done by COVID-19. This package marks the most expensive and far-reaching measures made in the history of Congress.
On March 27th, 2020, President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law. This legislative action will assist impacted business, more than 150 million American households, pump billions into unemployment insurance programs, and increase spending on hospitals and more.
Other key elements of the act include, $250 billion in direct emergency assistance, extended unemployment benefits by up to four months for laid-off workers, including gig employees and freelancers, $350 billion in loans to small businesses, more than $100 billion in grants for hospitals and healthcare systems dealing with shortages of medical equipment or protective devices and $150 billion to help state and local governments.
The CARES Act also provides 120 days of eviction relief for tenants in federal-backed housing.
The plan will address the rapidly intensifying coronavirus crisis through a massive infusion of financial aid into a struggling economy, and aid overwhelmed hospitals and Americans hard hit by job loss.