4.

02A The CARES Act

Dual Diploma Economics Hon - A / Module 4

The CARES Act helped families and workers with different types of aid that tried to help as many
people as possible. For example, small businesses. This act supported the efforts of low- and
moderate-income financial institutions. They made sure that these small businesses were
provided with all the necessary resources. Furthermore, they offered assistance to employees
and unemployed people. Many of them lost their jobs because of the huge impact that COVID-19
had on any type of business, especially small ones, making it impossible for their bosses to pay
their salaries. This aid was essential because, without it, many businesses would not have been
able to survive this crisis.

Not only small businesses were helped, but also families from low- to moderate-income families
received help from the government. The CARES Act increased and expanded the Child Tax
Credit. This made it possible for families with children to continue giving their kids a decent life.
On the other side, they helped households that were unable to pay rent or utilities and the most
vulnerable homeowners. To conclude, they also made sure that everyone had access to the
high-quality, modern infrastructure needed to thrive, including internet access. Many families take
advantage of this and it helped them overcome the difficulties that suddenly appeared as a
consequence of the medical emergency we all suffered.

I feel like they should also take into account that because of COVID-19, many people who lived
alone were even more lonely and most of them were usually elderly people who needed special
attention. They should have thought about offering them people who went to the supermarket for
them, nurses, or creating programs where people in similar situations could talk. For example, I
would have created a program for lonely elderly people where each Sunday they would have
played bingo through Skype. I think that this type of aid would have been of huge help because
elderly people would not have been exposed that much to this critical situation, and they would
have been entertained.