Trump wants to send cash to americans suffering financially from coronavirus
You're referring to the CARES Act, a stimulus package signed into law by President Trump on March 27, 2020, in response to the COVID-19 pandemic. The package aimed to provide financial relief to individuals and businesses affected by the pandemic.
The CARES Act included several provisions to help Americans struggling financially, including:
- Economic Impact Payments (EIPs): Also known as stimulus checks, these were one-time payments of up to $1,200 per individual or $2,400 per married couple, with an additional $500 per child. The payments were based on 2019 tax returns and were sent to eligible taxpayers in the spring of 2020.
- Unemployment benefits: The CARES Act expanded unemployment benefits to include self-employed individuals, gig workers, and those who had exhausted their regular state unemployment benefits. It also provided an additional 13 weeks of unemployment benefits and a $600 weekly federal supplement.
- Tax credits: The package included tax credits for employers who kept employees on their payrolls, as well as tax credits for individuals who were unable to work due to the pandemic.
- Student loan relief: The CARES Act suspended federal student loan payments and waived interest on those loans through September 30, 2020.
- Small business loans: The package provided funding for the Small Business Administration's (SBA) Paycheck Protection Program (PPP), which offered low-interest loans to small businesses to help them maintain their workforce during the pandemic.
These measures were designed to help alleviate the financial burden of the pandemic on American households and businesses. While the CARES Act was a significant response to the crisis, it's worth noting that the pandemic's economic impact has continued to evolve, and subsequent relief packages have been passed to provide additional support.