CARES Act
Definition
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2.2 trillion economic stimulus bill passed by Congress in response to the economic fallout of COVID-19 pandemic in 2020.
Analogy
Imagine you're playing a video game where your character has taken damage from an enemy - this represents businesses and individuals affected by COVID-19. The CARES Act would be like a health pack or power-up you find that helps restore your character's health or abilities - it provides relief for those economically impacted.
Related terms
Paycheck Protection Program (PPP): This is part of your health pack specifically designed to help small businesses keep their workers on payroll during COVID-19 disruptions.
Economic Impact Payments: These are like bonus points or coins you collect in-game that give you more resources. They represent direct payments made to individuals under the CARES Act.
Unemployment Insurance Extensions: If your game character loses life points over time, these extensions are like slowing down that loss rate. They represent additional weeks of unemployment benefits provided under the CARES Act.
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