CARES Act

The U.S Capitol

The U.S Capitol

Taylor Koch, Staff Writer

     When the pandemic first began, we didn’t know what to expect. Would all businesses, industries, and schools be shut down, would we ever return back to normal, how long would it take for a vaccine to be made, and most importantly, how much money would the United States lose while being shut down? After more than a year since COVID hit, it is safe to say that we have returned back to normal, with a successful vaccine and rate that is slowing down, although how much would the sixteen-billion dollars that we lost affect us? 

The Coronavirus Aid, Relief, and Economic Security Act that was passed in 2020 by the U.S. Congress was made to “provide fast and direct economic assistance for American workers, families, small businesses, and industries.” This means that the two-trillion dollars stimulus bill will help provide assistance to the economy in order to return to normal. The key takeaways of this bill will include: 

  • A $367 billion loan and grant program for small businesses
  • An expansion of unemployment benefits to include furloughed workers, gig workers, and freelancers, with benefits increased by $600 per week for a period of four months
  • Direct payments to families of $1,200 per adult and $500 per child for households making up to $75,000
  • Over $130 billion to hospitals, healthcare systems, and providers
  • $500 billion funds for loans to corporations (which Democrats called a slush fund when the Treasury was solely in charge) overseen by an inspector general and a congressional panel, with every loan document made public
  • Cash grants of $25 billion for airlines (in addition to loans), $4 billion for air cargo carriers, and $3 billion for airline contractors (caterers, etc.) for payroll support
  • Ban on stock buybacks for large companies receiving government loans during the term of their assistance plus one year
  • $150 billion to state and local governments
  • Forbearance and the moratorium on foreclosures for all federally backed home mortgages have been extended into 2021, but the expiration date depends on the mortgage program.