Joe Biden is thought to be following a simple checklist while implementing and overseeing that the CARES Act is effective. March 27, 2020, saw the CARES(Coronavirus Aid, Relief, and Economic Security) Act was signed into law. It was the president’s response to the pandemic. The CARES Act is a 2.2 trillion dollar economic stimulus bill. Just as all economic stimulus, its sole aim is to help move the economy of the united states.
Breaking the 2.2 trillion dollars bill included the following.
- 300 billion dollars was set aside as one-time cash payments for individuals that had submitted a tax return in America
- 260 billion dollars was set aside for increased unemployment benefits
- 350 billion would go to funding for the creation of the Paycheck Protection Program, a program that provided forgivable loans to small businesses. It should be noted that this amount was later increased to 669 billion dollars.
- 500 billion dollars would go into loans for corporations, and
- 339.8 billion dollars would go to state and local governments.
Now let’s have a look at the checklist and how the CARES Act is trying to achieve these goals.
- Ensuring That Unemployment Insurances Are on Time And in Full. To achieve this, the CARES Act must try to cater for the equivalent of a full wage for the citizen. There is much need for this as we see unemployment rates soaring.
- Make available direct cash relief for as many citizens as possible. Out of the bag, the CARES Act provides for $1,200 per person and $500 per child in cash relief for millions of working families. Making these reliefs easily accessible should be key in the implementation of the Act
- Get funds to hospitals, and local, state, and tribal governments for public health and emergency medical needs. The CARES Act looks at how to help hospitals that are running out of cash. It includes provisions to meet their needs. The focus now should be how to get those funds out there to the hospitals, especially the ones in rural areas.
How many of these checklist has been checked? Though much effort has been made, more is still needed. The CARES Act has recorded numerous successes. Deep in the future when we look back, chances are that we would be thankful it came.