Unpacking the Next Phase of COVID Relief
The Senate just passed legislation to increase funding to small businesses under the Paycheck Protection Program and Economic Disaster Injury Loans, provide additional support to hospitals, and expand testing of individuals for the novel coronavirus (COVID-19). Once this bill is signed into law, Congress will have enacted $2.5 trillion of net fiscal support to address the current economic and public health crisis. Committee for a Responsible Federal Budget senior vice president and senior policy director Marc Goldwein broke down the current legislation and recent actions taken by Congress, the executive branch, and the Federal Reserve. He also gave an overview of the Committee’s new initiative COVID Money Tracker, which will track all significant financial actions taken in response to the coronavirus.
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