On March 27, 2020, the President signed a $2 trillion stimulus bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act – H.R. 748, intended to rescue the economy in response to the COVID-19 pandemic.
The package provides roughly $500 billion in loans and other assistance for major companies, as well as cities and states struggling with virus-related financial burdens. It also includes $350 billion in aid for small businesses and offers $1,200 direct payments to middle- and low-income American adults, plus $500 for each child. Unemployment insurance would also grow to $600 per week, on top of existing state benefits.