Why You Should Care About the CARES Act

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4.4 • 823 Ratings

🗓️ 7 April 2020

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bro outlines eight provisions of the Coronavirus Aid, Recovery, and Economic Security Act that may fortify your finances for the coming year.

Transcript

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0:00.0	This is Motley Full Answers. I'm Alison Southwick, and I'm joined as always by Robert Browcamp. I didn't have anything clever today. I'm sorry. What a letdown. Robert Brokamp, personal finance expert here at the Motley Fool. Hi, everybody. Bro Reddit, so you don't have to. And he's going to share eight highlights from the CARES Act. Wait, everybody. Bro read it so you don't have to, and he's going to share
0:22.3	eight highlights from the CARES Act. Wait, did you really read it or did you skim it?
0:26.4	I'll tell you, I tried. I tried my best, but man, if you read an actual act of Congress,
0:31.6	it is brutal. Absolutely brutal. I couldn't do it. Bro tried, so you don't have to.
0:40.6	He's here to share eight highlights from the CARES Act.
0:43.5	All that and more on this week's episode of Motley Full Answers.
0:48.3	Well, dear listeners, again, we're coming to you from the past.
0:50.3	Right now, it is Friday afternoon.
1:00.3	So where you are in time, the future, I'm sure the sun is shining and we're all just running around outside and hugging each other willy-nilly. I can hope, right, bro?
1:08.4	Absolutely. If only. All right, well, let's talk about the week that was. And I'm just basically going to talk about how everyone is out of a job.
1:11.1	According to the Wall Street Journal, about 6% of the U.S. labor force has filed for jobless benefits in the last two weeks. That's up from 0.3% at the
1:17.8	end of February. The three states that have the largest share of jobless claims are, do you want to
1:24.7	guess, bro? Nevada is definitely one of them. I'm going to say,
1:31.6	it's not, oh, maybe not. Not for the Wall Street Journal article I saw. Florida, New York.
1:39.0	Hawaii, Michigan, and Pennsylvania. Of course. Yeah. And then at the bottom of the list for the smallest share of
1:48.0	jobless claims, it's South Dakota, Wyoming, and Connecticut. Otherwise, I read an article that had
1:52.6	Nevada as first, but was even more frightening was in an article in CNBC that said,
1:57.9	the job losses we've experienced over the last two weeks wiped out 40% of the job
2:03.3	gains we have seen since 2009.
2:07.5	Let's just let's just let that sit there for a while, huh?
2:11.0	Well, perhaps not surprisingly, small businesses are the hardest hit.
2:14.8	24% of small businesses say they will close permanently
	...

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