The value of the CARES Act is hard to ignore. It has been a major plan from the USA government to help businesses get back on their track. With $2 trillion in the pocket, the government donated a good amount of money in multiple sectors to help get their businesses back on track. There have been loans for the bigger firms, smaller to start-up enterprises, airlines, healthcare and so much more.
After a huge success in these sectors, the CARES Act went forward with the Mortgage and Rental Relief plan. Understanding more about that from William D King will help you out big time. Moreover, you will come to learn more about the plans and their current importance level. So, let’s get right on with the details.
Rental and Mortgage Relief plans:
Well, it is not hard to state that the CARES Act was the very first COVID legislation piece for instating the moratorium and forbearance on the evictions and foreclosures. The expiration dates of these current protection plans were extended multiple times.
- But on August 26th, 2021, the Supreme Court actually rejected the latest extension, which has been a request from the CDC.
- Well, there is still help available, but through the Treasury Emergency Rental Assistance Program only.
- For people who are looking for some help or assistance on their rent or mortgage payments, there is help from the National Low Income Housing Coalition.
- This National Low Income Housing Coalition provides the much needed searchable list of the current programs, available on the website and will help you to manage the rent and mortgage well.
The local and state government based relief funds by William D King:
The local and state governments received a whopping amount of $150 billion while assisting the new COVID Relief fund. Among the available money, a sum of $3 billion was reserved for the federal-based administered territories and $8 billion for the tribal governments.
- The payments, made to the local and state governments were proportionally divided as per the current population.
- These were noted as the open-ended and large block grants, which were directed mostly towards the costs related with controlling pandemic and then mitigating the economic damage.
Now for the earmarked spending:
From all the mentioned extreme forms of federal spending, it can easily be stated that multiple agencies, industries, and special interest groups were lining up for receiving a part of the funding. Apart from the points mentioned already, the CARES Act also added some legal changes for benefitting certain businesses or industries in the major congressional districts, which were not immediately connected to the crises as a result of the COVID pandemic.
In short, it can be stated that the CARES Act was the first of the three different pieces of relief legislation under COVID 19 pandemic. After this act came the CAA or the Consolidated Appropriations Act and finally the APRA or the American Rescue Plan Act.