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9 Things to Know About the COVID-19 Stimulus Bills
 
April 09 – April 22, 2020
 
Cap Hill



Key Takeaways Congress has passed 3 bills aimed at mitigating the economic impact of COVID-19 and putting money into the economy. The most recent is the Coronavirus Aid, Relief, and Economic Security (CARES) Act. At about $2 trillion, it's the largest economic stimulus legislation in American history since the New Deal in the 1930s.

“The CARES Act is Washington’s massive stimulus effort to provide relief for families, individuals, small businesses, and major sectors of our economy impacted by the coronavirus outbreak,” says Jim Febeo, Fidelity’s Head of Federal Government Relations.

“For individuals it makes retirement funds available for emergency spending needs and delays mandatory distributions. It also enables broader use of health savings accounts, and provides help on student debt."

Earlier this month, the Families First Coronavirus Response Act expanded paid sick leave and family leave, strengthened unemployment insurance and food assistance, and enhanced protections for health care workers. It was signed into law by the President on March 18 and takes effect April 2. The funding available for this bill was $3.5 billion.

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