For the past two months, mitigation measures meant to halt the spread of the coronavirus disease 2019 (COVID-19) have wreaked havoc on the U.S. economy and labor market. We've seen more than 33 million initial unemployment benefit claims filed, and the unemployment rate has rocketed from 50-year lows of sub-4% to Great Depression levels of 14.7%.
While these measures were deemed necessary to prevent additional loss of life tied to COVID-19, it's left many working Americans in dire financial shape. That's why, on March 27, Congress passed and President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. The CARES Act, which tipped the scales at $2.2 trillion in size, provides money for hospitals, small business loans, distressed industries, expanded unemployment benefits and, of course, working Americans and seniors.
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