The second phase was "an approximately $104 billion package largely focused on paid sick leave and unemployment benefits for workers and families" (the Families First Coronavirus Response Act), which was enacted on March 18, 2020. The first phase "was an $8.3 billion bill spurring coronavirus vaccine research and development" (the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020), which was enacted on March 6, 2020. Lawmakers refer to the bill as "Phase 3" of Congress's coronavirus response. The Congressional Budget Office estimates that it will add $1.7 trillion to the deficits over the 2020–2030 period, with nearly all the impact in 20. The bill is much larger than the $831 billion stimulus act passed in 2009 as part of the response to the Great Recession. Unprecedented in size and scope, the legislation was the largest economic stimulus package in U.S. 748 as a shell bill for the CARES Act, changing the content of the bill and renaming it before passing it. To comply with the Origination Clause of the Constitution, the Senate then used H.R. Congress on January 24, 2019, as H.R. 748 (Middle Class Health Benefits Tax Repeal Act of 2019). It was passed by the House via voice vote the next day, and was signed into law by President Donald Trump on March 27.
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As a result of bipartisan negotiations, the bill grew to $2 trillion in the version unanimously passed by the Senate on March 25, 2020. The original CARES Act proposal included $500 billion in direct payments to Americans, $208 billion in loans to major industry, and $300 billion in Small Business Administration loans. The spending primarily includes $300 billion in one-time cash payments to individual people who submit a tax return in America (with most single adults receiving $1,200 and families with children receiving more ), $260 billion in increased unemployment benefits, the creation of the Paycheck Protection Program that provides forgivable loans to small businesses with an initial $350 billion in funding (later increased to $669 billion by subsequent legislation), $500 billion in loans for corporations, and $339.8 billion to state and local governments. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States. The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Paycheck Protection Program and Health Care Enhancement Act
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Introduced in the House as H.R. 748 (Middle Class Health Benefits Tax Repeal Act of 2019) by Joe Courtney ( D- CT) on Janu.