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Democratic and Republican congressional leaders agree another stimulus package is needed, but the size is still "to be determined" for what will be the fifth piece of legislation to combat the economic impact of the COVID-19 pandemic. The CARES Act was the largest of the previous four bills, signed into law by President Donald Trump four months ago today (3/27/20). It provided $2.3 trillion of support to individuals, businesses and states.
Erin Scott-Williams Susan J. Webb, 63, of Ocean City, NJ passed away on Tuesday evening, July 14, 2020. Sue died at home comforted by her partner & wife of 23 years, Pat Cowan. Sue is survived by her mother (Bernice), brother (Robert), sister (Jane), wife (Pat), and her four children: Jack Wiese and his wife Sarah Wiese, Chuck Hilman, and Shane & Caitlin Cowan.
The Federal Reserve did not hesitate to act as the enormity of the COVID-19 pandemic began to unfold globally. Over a period of less than two months beginning on 3/17 /20, the Fed implemented 11 different emergency facilities, four of which were previously used during the 2008 mortgage crisis and seven programs that had never been used in the central bank's 106-year history.
Congress is on recess for another week, returning to Washington next Monday 7 /20/20. Lawmakers have likely heard from their anxious constituents, many of whom are among the 17.8 million unemployed Americans as of 6/30/20. There is Congressional support for what would be the third round of "Paycheck Protection Program" (PPP) loans for small businesses, on top of the $659 billion already allocated to be loaned at 1 % for two years.