Trump signs $2.2T CARES Act into law
United States President Donald Trump signed on Friday a historic $2.2 trillion relief package aimed at shoring up the economy and supporting American workers hit hard by the ongoing coronavirus pandemic.
“I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 Trillion Dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses,” Trump tweeted upon the signature.
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the federal government will provide $560 billion in cash payments for low- and middle-income families and increased unemployment benefits; over $150 billion in emergency assistance to the health sector; $377 billion for small businesses in the form of grants and forgivable loans; as well as roughly $500 billion in loans for large companies.
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