As we sit down to write this piece in early April 2020, we think it is important to acknowledge a few things. First, we are hoping you and your families are safe and well. Second, we understand that there is a lot of anxiety about the crisis itself as well as the downstream repercussions, both from a human and economic perspective. Third, the virus is moving across the globe, and events are changing rapidly. There may be some new information that makes this quarterly review obsolete by the time you read it, but we are going to move on with what we know now. Hopefully, you have been able to use this time to do some activities you don’t normally have the time to enjoy.
In response to the unfolding COVID-19 global pandemic, the Coronavirus Aid, Relief, and Economic Security Act was unanimously passed by the Senate on March 25, 2020. The next day it was passed in the House via voice vote and signed into law by the President.
The legislation was the largest-ever economic stimulus package, amounting to 10% of U.S. gross domestic product. The main points and key takeaways from the bill are listed below: