Committee for a Responsible Federal Budget
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2 Months In – The CARES Act and Other COVID Relief

May 29, 2020 | Other Spending

On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the most sweeping economic recovery law in generations. That and others authorize a combined $3.6 trillion of support for the economy. Meanwhile, the Federal Reserve has announced nearly $6 trillion of loans, equity purchases, and other of extraordinary economic interventions. And the executive branch has authorized further support as well.

But how much of this money has gone out the door? How fast are individuals and businesses getting it? Who is receiving this federal support? And is it working to protect the economy, keep businesses from shutting down, address the public health crisis, and alleviate human suffering?
 

Committee senior vice president and senior policy director Marc Goldwein answered many of these questions. Using data from our new COVID Money Tracker project, he discussed what has happened so far as well as what the future may hold.