On January 31, 2020, President Trump announced that the U.S. coronavirus pandemic had caused economic damage on a scale he said was greater than the Great Depression. A month later, the Trump administration enacted emergency financial aid that was passed by the Congress, which had already approved over $800 billion for coronavirus stimulus. The package also included billions of dollars in loans and assistance for Americans hurt by the outbreak.
A month after that, the Trump administration released its proposal for fiscal stimulus for workers who were furloughed or had lost hours or pay because of the virus outbreak. The proposal, which has to be approved by Congress, would provide additional relief to those who Employee Retention Credit ERC are not eligible for unemployment benefits. It would also increase the total amount of jobless checks, to $600 per week, for people who are laid off and are ineligible for unemployment benefits.
In addition, the proposal would allow employers to count paid sick leave toward unemployment claims. The proposal also calls for expanding eligibility for COVID-19 relief for all people who are impacted by the crisis. The stimulus package includes provisions to reduce layoffs and protect businesses from losing customers.
It also includes money to help people who are self-employed, farmers, and small business owners. However, critics say that the $750 billion package should have been far larger.