Introduction Of CARES Act
As we know that in the present time, the coronavirus pandemic is going on. Due to the adverse effects of the corona-virus, the economic conditions of the countries are at a higher risk. Moreover, there is an increasing need for additional financial support for American citizens. So it creates an important question; is there a chance for a second stimulus check? Its answer resides on the spreading rate of coronavirus.
The USA government has passed an act called CARES act, also known as stimulus check 2020. Under this act, every American citizen whose age is 16 years or more than that and earns less than $130,000 a year would get at least $2,000 every month for at least half a year. The couples who have an annual income of less than $260,000 would get a payment of $4,000 per month. Also, families with children would receive an extra payment of $500 for every child for up to three children.
What Is Second Stimulus Check
The families and individuals who do not have any income or are unemployed or currently unemployed due to the pandemic would be privileged for the payments. This bill is passed this week only. However, this bill would surely help in overcoming the difficulties faced by needy people. However, the payments given would not be enough for the families to meet their expenses and their basic needs. Families are finding difficulty in managing their expenses.
As per the surveys of the American Community, the average rent in America is $1,023, and the average mortgage is $1,558. The median income of American Citizens is $63,179. Only due to this, many tenants are not capable of paying their rents. Now, it would be more difficult for the tenants as the source of income in the present time for those people is nearly zero.
It is estimated and surveyed that about half of the workforce is not able to go for their work. Also, due to a great decline in the economic conditions, many people are removed from their jobs, and companies are shut down. The COVID-19 virus is spreading aggressively, and it is now clear that extraordinary measures would need to be taken to give help to cities, small businesses, and various industries and the citizens.
Benefits Of CARES Act
Keeping all these things in mind, the legislative has launched an $8 billion voucher in March that included special funding to the health care companies hospitals so that the testing for the virus can be performed smoothly. Money is invested in developing vaccines and helping other medical expenses related to virus patients. The other two packages are launched to make the economy stable and help the citizens. A law is signed in the mid-march, and it included $100 billion for families surviving in the virus. This includes free testing for many of the people and expansions of unemployment assistance. Another voucher for the COVID-19 is the Corona-virus Aid, Relief and Economic Security (CARES) Act, which was converted into law at the end of March. These packages would provide a chance for the citizens to fight this pandemic.
