How Much Did the CARES Act Help Households Stay Afloat?

James Aylward, Elizabeth Laderman (liz.laderman@gmail.com), Luiz E. Oliveira and Gladys Teng
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Luiz E. Oliveira: https://www.frbsf.org/economic-research/economists/luiz-oliveira/

FRBSF Economic Letter, 2021, vol. 2021, issue 18, 06

Abstract: Widespread job losses starting in mid-March last year forced many households to rely more heavily on nonemployment income and liquid assets on hand to continue buying what they needed. Federal assistance through the Coronavirus Aid, Relief, and Economic Security Act helped boost household resilience—the ability to sustain consumption despite the loss of employment income. Data suggest that the aid increased household resilience by 15 weeks, chiefly through enhanced unemployment insurance benefits. Among racial groups, this benefited Black and Hispanic households the most, raising median household resilience by 19 weeks.

Keywords: CARES Act; COVID-19; unemployment insurance; diversity; resilience; households (search for similar items in EconPapers)
Date: 2021
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