This Is the Average Stimulus Payment, So Far
For the past two months, the U.S. economy has been put through the wringer like never before. The spread of the coronavirus disease 2019 (COVID-19), of which there are around 1.2 million cases confirmed in the U.S. (that's a third of the global total), wound up bringing nonessential business activity to a halt across the country throughout most of April, and its led to the loss of more than 30 million jobs. It's quite possible that we could see a second-quarter contraction in gross domestic product that exceeds 30%, according to Wall Street estimates.
Knowing full-well what sort of economic disruption would be caused by necessary mitigation measures, Congress passed and President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on March 27. The third of what's now been four bills passed in the wake of the COVID-19 pandemic is the largest stimulus package in history at a price tag of $2.2 trillion.
While most of the funds apportioned to the CARES Act wound up going to distressed industries, small businesses, hospitals, and the temporary expansion of the unemployment program, the aspect of the bill that really has the attention of the American public is the $300 billion set aside for direct stimulus payments.
Source Fool.com
