Phase III: Strong Economic Action to Stave COVID-19

Key Information:

• Congress and the Administration are set to begin negotiations on a “phase three” package aimed at securing our economy as communities work to fight the novel coronavirus.
• Secretary Mnuchin is aiming to have four key parts be included in this package:
  • Support for parts of the economy that are seeing the greatest economic and financial loss;
  • Stabilization of the money market mutual fund industry;
  • Cash for workers and families; and
  • More help for Main Street businesses.

The Details:

The federal government has acted swiftly to help Americans impacted by the coronavirus. The first package, which has been signed into law, contained $8.3 billion to increase the availability of tests, support public and private efforts toward developing a vaccine, and assistance for small businesses. The second package, passed in the House and now being considered in the Senate, ensured free testing, emergency paid leave, and support and flexibility for small businesses.

This phase three package is further assistance for our economy. The Administration is seeking secured funds for industries that are taking a substantial hit due to this pandemic, such as airlines. They also want to provide cash assistance to all Americans, with the amount being dependent on income level and family size. And they want to create a loan program for small businesses who are offering paid leave to their workers at this time.