2020 U.S. Coronavirus Economic Stimulus Bill

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. Continue Reading Below

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About 2020 U.S. Coronavirus Economic Stimulus Bill

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. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States. 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.