MSN reported this morning:
"The CARES Act hasn't done nearly enough for most Americans
"The $2.2 trillion CARES Act is the costliest piece of relief legislation ever passed on Capitol Hill. It set aside $100 billion in funding for hospitals, apportioned $500 billion for distressed industries, such as the airlines, directed nearly $350 billion toward small business loans, and allocated $260 billion to expand the unemployment benefits programs. Those who qualify will receive an extra $600 a week in unemployment benefits through July.
"But there's little question that the CARES Act is going to be remembered for the $300 billion in direct payouts to the American public and seniors. According to the Internal Revenue Service (IRS), more than 140 million Economic Impact Payments (as these stimulus payouts are officially known) totaling $239 billion had been disbursed, as of May 18.
"At their maximum, these stimulus payments can total $1,200 per individual and up to $2,400 for a couple filing jointly. Additionally, qualifying dependents under the age of 17 can add $500 (each) to what a parent or household will receive.
"While there's little doubt that these payouts were necessary, with tens of millions of Americans suddenly losing their jobs, they haven't done nearly enough to bridge the financial maelstrom that most folks are facing. An April 22 Money/Morning Consult survey found that 74% of the 2,200 respondents questioned either already spent or were expected to spend their stimulus money in four weeks or less. This is a problem, considering that the U.S. economy isn't going to just pick right up where it left off.
"Suffice it to say that pressure is mounting on lawmakers to come up with a second round of direct stimulus to help those adversely affected by COVID-19. The good news is that the White House now appears receptive to the idea."
Please read the rest of this article HERE.
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