WASHINGTON DC (March 26, 2020) — The Senate is expected to vote tonight on the Coronavirus Aid, Relief, and Economic Security (CARES) Act — the third, and most expansive, package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic.
The legislation would expand and extend unemployment benefits, send most Americans a $1,200-per-person check, incentivize and compensate businesses to keep workers employed, facilitate new loans and grants to large and small businesses, increase aid to states, spend more on hospitals, offer targeted tax relief, and enact other tax and spending changes.
Though the deficit impact of the legislation is still unclear, it has been described as a $2 trillion package. In the table below, we identify $2.3 trillion of costs, which is a summary of the bill as we understand it at the time. Dollars presented here don’t necessarily equate to the ultimate deficit impact; some costs may be recovered later, such as loans that are eventually repaid.
Update 3/26/20: This table was updated after publication to add $33 billion in grants to airlines and contractors and $10 billion in loans to the U.S. Postal Service.
