The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) are started in the US to provide relief funds to unemployed workers. CARES Act is the stimulus bill passed by President Donald Trump and is effective since March 27th 2020.
Due to economic fallout in the USA in the pandemic, this bill is passed. It is an economic stimulus bill passed by 116th United States Congress. CARES Act instates the forbearance and moratorium on foreclosures and evictions. It is a $2.2trillion economic stimulus bill.
BIG NUMBER
According to a survey, 28% of women and 20% of men in the USA lost their jobs and entire income because of the pandemic. It is also noted that workers with es than $15k annual income were vastly affected because of coronavirus breakout. Lawmakers are working day in and out to provide coronavirus relief packages. It is a $600 per week relief for the unemployed workers. About $250 Billion is set aside for direct payments to individuals or families. An amount of $377 Billion is set to invest in small businesses. CARES Act functions towards providing $150 Billion in providing federal aid to healthcare providers and various tax incentives. Some republicans believe it is too much and it should be reduced. Whereas, some democrats believe that the relief is extended. The lawmakers and Unemployment offices are struggling to pivot around the new relief policies.
KEY BACKGROUND
For economic recovery, the whole Senate is working towards providing a much beneficial economic stimulus plan. Some republicans believe it is too much and it should be reduced. Whereas, some democrats believe that the relief is extended. The lawmakers and Unemployment offices are struggling to pivot around the new relief policies.
CARES Act helps Unemployed workers with an expansion of the unemployment benefits. COVID-19 has whiplashed the public, congress, and Administration, and American economy. There have been more than 3 Relief bills passed in the parliament. Economic reverberation is felt in every nook and corner of the USA but CARES Act will help out unemployed workers in large numbers.