The government also took steps to protect Americans from financial ruin, including the passage of the CARES Act.
The devastation caused by COVID-19 is absolutely unprecedented, and this is true whether we’re talking about lives lost or the economic impact.
Fortunately, the federal government took some bold steps on both fronts. Lockdowns were put in place in order to “flatten the curve” of coronavirus, which we have managed to do with relative success.
The government also took steps to protect Americans from financial ruin, including the passage of the CARES Act.
This act came with an array of benefits that included forgivable loans for small businesses through the Paycheck Protection Program (PPP) as well as tax credits for businesses who were able to retain employees.
Economic stimulus payments were another largely popular component of the CARES Act. Americans whose incomes fell under generous thresholds ($75,000 for individuals and $150,000 for couples) were targeted for this relief, which was built to offer $3,400 for an average family of four.
But, was the first round of stimulus checks enough? It may have been at the time, but some believe it’s time to roll out more financial help for American families.
The CARES Act passed on March 27,2020, after all, and most people received their stimulus checks in April or May. June has come and gone since then and many states are reporting a rapid surge in cases of COVID-19. Some areas of the country are even having to roll back their reopenings, potentially leaving more people out of work or dealing with limited hours and pay.
Interestingly, the already proposed Health and Economic Recovery Omnibus Emergency Solutions (HEROES Act) would provide more financial payments to Americans in addition to other types of economic relief.
