Over the past two months, the coronavirus disease 2019 ( COVID-19) has completely turned the U.S. economy on its head. Once riding the longest streak of economic expansion in history, the U.S. economy has seen more than 30 million Americans lose their jobs due to the shutdown of nonessential businesses. Further, second-quarter gross domestic product may contract by more than 30%, according to a variety of Wall Street estimates.
Its economic data like this that coerced lawmakers to overwhelmingly pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27. At $2.2 trillion, the CARES Act marks the largest economic stimulus package in history. It set aside money for hospitals, distressed businesses, small business loans, and an expansion of the unemployment benefits program.
But what really stands out to the American public about the CARES Act is the $300 billion directed toward stimulus payouts for working Americans and seniors.
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