What is the CARES act? Where does the money from the CARES act come from? How...

What is the CARES act? Where does the money from the CARES act come from? How is the CARES act helping the U.S economy, especially small businesses?

Expert Solution

Answer:

CARES Act is Corona virus aid, relief and economic security Act. This is the largest ever stimulant to the economy so that it will not tremble. Money for the CARES comes from Federal Reserve and the Department of Treasury.

CARES Act is helping US economy firstly to fulfill the necdssities of the people in the times when they lost their jobs, their medical bills are high and they are uncertain about their future. Under the CARES Act large amount of funds are provided as loans to the small businesses so that they can continue working and will not have to suffer huge losses due to shut down because of Pandemic. Small businesses are given with the tax waivers, forgive loans and provided for the PPP, i.e, paycheck protection programme so that small businesses can keep their employees.

Rahul Sunny answered 2 years ago

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