4/11/2023 0 Comments Relief bill![]() economy would shrink by 12.9% in the second quarter of 2020. gross domestic product would "decline by 24% in the second quarter of 2020 because of the coronavirus pandemic". On March 20, Goldman Sachs predicted the U.S. Almost 3.3 million Americans filed for unemployment in the week ending March 21, "nearly five times more than the previous record of 695,000 set in 1982". In an effort to gain Republican support for a large stimulus package that, at the time, was envisioned to be about $1 trillion, United States Secretary of the Treasury Steven Mnuchin told Republican Senators the United States unemployment rate could reach 20% if no government action was taken. On March 18, the National Restaurant Association wrote the President and Congress with an estimate that "the industry's sales will decline by $225 billion during the next three months, which will prompt the loss of between five and seven million jobs," accompanied by a request of $145 billion of aid to restaurants. airline industry requested a $50 billion federal bailout. On March 16, the trade group representing the U.S. In March, it was predicted that, without government intervention, most airlines around the world would go bankrupt. These measures included working from home, widespread cancellation of events, cancellation of classes (or moving in-person to online classes), reduction of travel, and the closure of businesses. In response to the COVID-19 pandemic, dramatic global reduction in economic activity occurred as a result of the social distancing measures meant to curb the virus. 10.1 Invalid and challenged stimulus paymentsīackground Reduction of economic activity įurther information: 2020 stock market crash.9.3 Special Inspector General for Pandemic Recovery.9.2 Pandemic Response Accountability Committee.7.5 Signed into law and signing statement.4.6 Foreclosure and eviction moratorium.4.4 Retirement plans and retirement accounts.4.3 Student grants, student loans, and work-study programs.4.1 Tax rebates, tax credits, and tax deductions.3.3 Businesses connected to politicians and political donors.3.2 Tax credits, tax deferrals, and tax deductions.3 Relief to businesses and organizations. ![]() 2 Relief to healthcare providers, manufacturers, and distributors. ![]() Īn additional $900 billion in relief was attached to the Consolidated Appropriations Act, 2021, which was passed by Congress on December 21, 2020, and signed by President Trump on December 27, after some CARES Act programs being renewed had already expired. All three phases were enacted the same month. The Families First Coronavirus Response Act, which focused on unemployment and sick leave compensation, was phase 2. The first phase was the Coronavirus Preparedness and Response Supplemental Appropriations Act that provided for vaccine research and development. Lawmakers refer to the bill as "Phase 3" of Congress's coronavirus response. The Congressional Budget Office estimates that it will add $1.7 trillion to the deficits over the 2020–2030 period, with nearly all the impact in 20. ![]() The bill is much larger than the $831 billion stimulus act passed in 2009 as part of the response to the Great Recession. Unprecedented in size and scope, the legislation was the largest economic stimulus package in U.S. 748 as a shell bill for the CARES Act, changing the content of the bill and renaming it before passing it. To comply with the Origination Clause of the Constitution, the Senate then used H.R. Congress on January 24, 2019, as H.R. 748 (Middle Class Health Benefits Tax Repeal Act of 2019). It was passed by the House via voice vote the next day, and was signed into law by President Donald Trump on March 27. As a result of bipartisan negotiations, the bill grew to $2 trillion in the version unanimously passed by the Senate on March 25, 2020. The original CARES Act proposal included $500 billion in direct payments to Americans, $208 billion in loans to major industry, and $300 billion in Small Business Administration loans. The spending primarily includes $300 billion in one-time cash payments to individual people who submit a tax return in America (with most single adults receiving $1,200 and families with children receiving more ), $260 billion in increased unemployment benefits, the creation of the Paycheck Protection Program that provides forgivable loans to small businesses with an initial $350 billion in funding (later increased to $669 billion by subsequent legislation), $500 billion in loans for corporations, and $339.8 billion to state and local governments. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID disease. The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Confederated Tribes of the Chehalis Reservation, No.
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