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July 2020

The CARES Act

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As you know, the coronavirus pandemic has created both a health crisis and an economic crisis. As of this writing, there are over 160,000 known cases.* By the time you read this, there will certainly be more – and that number does not reflect those who have been infected but not tested. The economic cost, meanwhile, has resulted in millions of Americans losing their jobs. Some economists at the Federal Reserve estimate the unemployment rate could rise as high as 32%!* 

To help address both crises, Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It’s a massive, $2 trillion stimulus package designed to help everything from hospitals, to individuals, to businesses large and small. Time will tell if it will be enough to blunt the impact of this pandemic, but the fact Congress was able to pass something so significant, so quickly, is a rare feat worth celebrating. 

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