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Statement by Assistant Secretary Monica Crowley on the Sixth Month Anniversary of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

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WASHINGTON – The Assistant Secretary of the Treasury for Public Affairs Monica Crowley released the following statement on the sixth month anniversary of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act):

“Six months ago, President Trump signed into law the bipartisan CARES Act, the largest economic relief package in American history. In record time, Treasury helped to launch the Paycheck Protection Program by the Small Business Administration, which supported over 5.2 million small businesses and an estimated 51 million jobs with more than $525 billion in critical funds; issued 160 million Economic Impact Payments to the American people; and disbursed $150 billion to state, local and tribal governments to assist with COVID-19-related expenses.

“The CARES Act has prepared America’s small businesses to reopen, employees to return to work, and the economy to grow once again. Since April, a record 10.6 million jobs have been added to the economy in just four months, making this recovery the fastest in American history.  Retail sales have exceeded pre-pandemic levels, industrial production has increased for the fourth consecutive month, and the September Blue Chip Survey revised its 2020 third quarter GDP growth forecast up 5.3 percentage points to a record-shattering 24 percent. While there is still more work to be done, the CARES Act continues to support the robust economic comeback.

“Today I am pleased to announce the Department of the Treasury’s Economic Response Timeline.  Please visit Treasury.gov/Comeback to see a detailed, interactive, and continually updated chronology of the Trump Administration’s important work during this unprecedented time, and how that work is contributing to the economic recovery.”

To view the Treasury Economic Response Timeline or go to Treasury.gov/Comeback.

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Regulator Information

Abbreviation: UST
Jurisdiction: United States

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