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In just a matter of weeks, the coronavirus disease 2019 (COVID-19) pandemic wreaked unprecedented havoc on the U.S. economy and labor market. Prior to the coronavirus, the U.S. unemployment rate was near a 50-year low (below 4%), while the economy was riding its longest expansionary streak in recorded history. But over the past seven weeks, some 33 million Americans have lost their jobs and nonessential economic activity has ground to a halt.
Though mitigation measures to slow disease transmission were necessary, the federal government knew exactly what sort of damage these actions would entail. That's why, on March 27, Congress passed and President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This $2.2 trillion relief package set aside money for hospitals, small business loans, distressed industries, the unemployment benefits program, and most importantly 175 million Americans.
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Source Fool.com
