The CARES Act won’t make everyone whole for all the financial damage wrought by this pandemic, but it will go a long way toward making the response to the pandemic financially bearable for most American households
The ink is dry on the CARES act. Photo: JIM WATSON/AFP via Getty Images We’re committed to keeping our readers informed.
While the bill has many provisions, it uses two main tools to promote financial normalcy in this very abnormal period. One is greatly expanded unemployment insurance benefits for people who are thrown out of work due to the crisis — expanded in the sense of being more generous and also easier to qualify for. The other tool is loans and grants to businesses, with the grants tied to a requirement to keep workers on the payroll.
What all these provisions have in common is that they help people and enterprises keep their finances as close as possible to business-as-usual, even while much of the economy is shut down. In some cases, as with the lending provisions, that is achieved by promoting liquidity: ensuring that businesses that will be profitable again once this is all over have the cash they need to pay the bills today.
Republican concerns about the bill’s unemployment insurance provisions have similarly been insufficiently cognizant of the need to prioritize getting money out in a fast and orderly manner over perfectly fine-tuning who gets what amount of money.
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