Knowledge@Wharton April 2, 2020
President Donald Trump on Friday signed into law an unprecedented $2.2 trillion stimulus package to help keep the economy alive amid the deadly coronavirus outbreak that has shuttered countless businesses and put millions of Americans out of work. The Coronavirus Aid Relief and Economic Security Act, or CARES, contains $560 billion that directly benefits individuals in the form of cash payments of up to $1,200. The legislation also expands unemployment and paid sick/family leave benefits, offers forbearance on federally backed mortgages, waives penalties on some early retirement withdrawals, and offers student loan relief and protections for renters.
The aid package is the largest in U.S. history, dwarfing the $800 billion pumped into the economy by the American Recovery and Reinvestment...
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