Media Coverage
Source: IPE
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
01.08.21
For the next awaited U.S. COVID-19 stimulus program, Congress must agree on funding specifics, but the final composition of the Senate is still unknown.
The March 2020 stimulus, known as the CARES Act, was signed into law after bipartisan negotiations. The $2 trillion bill provided one-time $1,200 cash payments to individuals, increased unemployment benefits, and established the Paycheck Protection Program (PPP) designed to funnel forgivable loans to businesses. State and local governments also received $339.8 billion, IPE reported.
“There were hitches with the execution and getting the money out, but the concept worked well,” says Michael Kosnitzky, partner and co-leader of the Private Wealth practice at Pillsbury. “It was a well-thought-out process and the mechanics were correct,” he says. “Otherwise we would have had massive unemployment and people in the streets.”
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