President Donald Trump recently signed into law an emergency stimulus package designed to deliver approximately $900 billion in COVID-19-related aid.
The chart below provides an overview of the highlights of the new stimulus package, and how it compares to the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law in March 2020.
So let’s start comparing the COVID-19 stimulus packages, shall we?
Total Cost
CARES Act: $2.2 trillion
New Stimulus Package: $900 billion
Direct Economic Impact Payments
CARES Act: Up to $1,200 for individuals, based on income
Up to $2,400 for married couples
Up to $500 for each qualifying child
New Stimulus Package: Up to $600 for individuals,
based on income based on income
Up to $1,200 for married couples
Up to $600 for each qualifying child
Federal Unemployment Insurance
CARES Act: $600/week
New Stimulus Package: $300/week
Aid For Small Businesses
CARES Act: Approximately $350 billion in forgivable loans through the Paycheck Protection Program (PPP), totaling around $650 billion after additional funds issued in April 2020
New Stimulus Package: $325 billion, including $284 billion in funding to replenish the PPP
Funding For Education
CARES Act: Around $30 billion
New Stimulus Package: $82 billion
Housing Assistance (Rental)
CARES Act: Established eviction protections for renters through the end of 2020
New Stimulus Package: $25 billion in aid, and extended eviction protections through January 31st
COVID-19 Testing / Tracing, Vaccine Distribution, and other Critical Health Care Needs
CARES Act: Not addressed, but $25 billion of relief was issued in April 2020
New Stimulus Package: Around $70 Billion
Health Care Provider Relief Fund
CARES Act: $100 billion
New Stimulus Package: $3 billion
This will likely be the Trump administration’s last economic stimulus package. President-elect Joe Biden is expected to consider additional COVID-19 relief options in early 2021.
If there is anything we can do to help during this turbulent times, reach out to our team at Davis & Towle Insurance
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