In March of 2020, the United States was walloped with a virus. COVID-19 also known as the Coronavirus, brought the economy of the United States to an immediate and grinding halt. This is when President Donald J. Trump and the US Congress stepped in with a massive bailout of not only American business, but the American citizen. Everyone, who was an American citizen is a beneficiary of the CARES Act.
The CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law by President Trump on March 27th, 2020. This over $2 trillion economic relief package delivers on the Trump Administration’s commitment to protecting the American people from the public health and economic impacts of COVID-19. The CARES Act is targeted to assist:
- Assistance to American Workers
- Assistance for Small Businesses
- Preserves Jobs for the American Industry
How Does the CARES Act Work
The CARES Act is an act passed along with the massive $2 trillion coronavirus stimulus package that was passed by Congress in March. The CARES Act specifically gives unemployed people in the United States $600 a week along with the money that they usually get from previously implemented unemployment benefits programs. The $2 trillion stimulus package is the largest economic stimulus in United States history. It was signed into law on March 26, 2020, after being unanimously passed by the Senate and passed by the House of Representatives.
Why Was The CARES Act Passed?
The Coronavirus pandemic has impacted the United States’ economy drastically, along with major reductions globally. Also, to prevent the spread of the pandemic, there are currently social distancing precautions set up. This, along with the cancellation of many different public events has led to many people looking for jobs. This stimulus is intended to help provide emergency money for the unemployed people live through this pandemic safely.
What Does the CARES Act Mean to You?
Essentially, as the American citizen, you are given a benefit to help maintain yourself while unemployed and while the United States economy gets back on track.