As the America people have suffered greatly from the Coronavirus pandemic – physically and emotionally – they have also suffered financially as well. When the pandemic began, unemployment rates saw an all-time high in April 2020 at 14.7%, according to Trading Economics.
As there was such a deep need for assistance from the government, President Trump signed a bill , which was passed in April 2020 by the House of Representatives called the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). This bill – worth $3 trillion – was designed to ‘help people, families, businesses, and the economy cope with the disastrous effects of the COVID-19 pandemic’. The package also included a one-time payment of $1,200 to those who qualify.
Even though the unemployment rate did drop to 6.9% in October 2020, there are still many Americans who are struggling and are needing further assistance from the government. With this in mind, Congress did undergo discussions for a Second Stimulus Package – the HEROS (Health and Economic Recovery Omnibus and Emergency Solutions) ACT. However, the Democrats and the Republicans could not reach an agreement.
Therefore, President Tump put an end to the Second Stimulus Package negotiations and made an Executive Order, which included a $400 bonus added to unemployment benefits, residential evictions are to be banned, deferrals of payroll taxes, and student loans to be deferred another three months.
