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CARES Act

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Template:Infobox U.S. legislation


Short description: COVID-19 stimulus in the United States.
This article is forked from the Wikipedia CARES Act article's introductory paragraphs.


The Coronavirus Aid, Relief, and Economic Security Act,[lower-alpha 1][1] also known as the CARES Act,[2] 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.[3][4] 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[5]), $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.[6]


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.[7][8] As a result of bipartisan negotiations, the bill grew to $2 trillion in the version unanimously passed by the Senate on March 25, 2020.[9][10] It was passed by the House via voice vote the next day, and was signed into law by President Donald Trump on March 27. It was originally introduced in the U.S. Congress on January 24, 2019, as H.R. 748 (Middle Class Health Benefits Tax Repeal Act of 2019).[lower-alpha 2] To comply with the Origination Clause of the Constitution,[11] the Senate then used H.R. 748 as a shell bill for the CARES Act,[12] changing the content of the bill and renaming it before passing it.[13]


Unprecedented in size and scope,[9] the legislation was the largest economic stimulus package in U.S. history,[14] amounting to 10% of total U.S. gross domestic product.[15] The bill is much larger than the $831 billion stimulus act passed in 2009 as part of the response to the Great Recession.[15] 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 2020 and 2021.[16]


Lawmakers refer to the bill as "Phase 3" of Congress's coronavirus response.[17][18] The first phase was the Coronavirus Preparedness and Response Supplemental Appropriations Act that provided for vaccine research and development. The Families First Coronavirus Response Act, which focused on unemployment and sick leave compensation, was phase 2. All three phases were enacted the same month.[17]


An 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.


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References

  1. ↑ "House Coronavirus Relief Bill Would Boost Federal Employee Benefits". FEDweek. March 25, 2020. Archived from the original on October 6, 2020. Retrieved March 25, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
  2. ↑ Parkinson, John (March 20, 2020). "Senate scrambles to strike deal on $1T pandemic relief for businesses, families". ABC News. New York City. Archived from the original on October 6, 2020. Retrieved March 22, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
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  4. ↑ Taylor, Andrew; Fram, Alan; Kellman, Laurie; Superville, Darlene (March 28, 2020). "Trump signs $2.2T stimulus after swift congressional votes". Associated Press. Archived from the original on February 15, 2021. Retrieved July 17, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
  5. ↑ Sauter, Michael. "Coronavirus stimulus checks: Here's how many people will get $1,200 in every state". USA Today. Archived from the original on February 15, 2021. Retrieved October 13, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
  6. ↑ {{URL|example.com|optional display text}}
  7. ↑ Carney, Jordain (March 19, 2020). "McConnell introduces third coronavirus relief proposal Archived October 6, 2020, at the Wayback Machine.". The Hill.
  8. ↑ 300 Billion SBA Loan Program Expansion Considered By Congress Archived October 6, 2020, at the Wayback Machine., JD Supra (March 23, 2020).
  9. ↑ Jump up to: a b Emily Cochrane & Sheryl Gay Stolberg, $2 Trillion Coronavirus Stimulus Bill Is Signed Into Law Archived October 6, 2020, at the Wayback Machine., New York Times (March 27, 2020).
  10. ↑ {{URL|example.com|optional display text}}
  11. ↑ Spencer, Saranac (May 4, 2020). "Legislative History of CARES Act Doesn't Prove COVID-19 Conspiracy". FactCheck.org. Archived from the original on October 6, 2020. Retrieved July 11, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
  12. ↑ United States Congress. "MIDDLE CLASS HEALTH BENEFITS TAX REPEAL ACT OF 2019—MOTION TO PROCEED; Congressional Record Vol. 166, No. 54". Archived from the original on February 15, 2021. Retrieved July 11, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
  13. ↑ Reuters Fact Check team (May 7, 2020). "Partly false claim: CARES Act bill introduced in January 2019, hinting at coronavirus conspiracy". Reuters. Archived from the original on February 15, 2021. Retrieved May 27, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
  14. ↑ Wire, Sarah D. (March 25, 2020) "Senate passes $2-trillion economic stimulus package Archived October 6, 2020, at the Wayback Machine.". The Los Angeles Times.
  15. ↑ Jump up to: a b Kambhampati, Sandhya (March 26, 2020). "The coronavirus stimulus package versus the Recovery Act Archived August 8, 2020, at the Wayback Machine.". The Los Angeles Times.
  16. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named CBO_Score1
  17. ↑ Jump up to: a b Nilsen, Ella; Zhou, Li (March 17, 2020). "What we know about Congress' potential $1 trillion coronavirus stimulus package". Vox. New York City: Vox Media. Archived from the original on February 15, 2021. Retrieved March 22, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
  18. ↑ Treene, Alayna (March 19, 2020). "The growing coronavirus stimulus packages". Axios. Arlington, Virginia. Archived from the original on February 15, 2021. Retrieved March 22, 2020.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").
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