In response to the severe economic shock induced by the COVID-19 pandemic, Congress passed the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. Using data on savings, income, and expenses from the Survey of Consumer Finances, we show that cash assistance included in the CARES Act allows almost all families to cover their normal, recurring expenses in the event of long-term unemployment. In the absence of government support, nearly half of families who lose their income for six months would not be able to cover their expenses due to low levels of liquid saving and standard unemployment insurance benefits that do not fully replace income.

中文翻译：

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COVID-19、《关怀法案》和家庭财务安全

为了应对 COVID-19 大流行引发的严重经济冲击，国会通过了价值 2 万亿美元的冠状病毒援助、救济和经济安全 (CARES) 法案。我们使用来自消费者财务调查的储蓄、收入和支出数据表明，CARES 法案中包含的现金援助允许几乎所有家庭在长期失业的情况下支付其正常的经常性开支。在没有政府支持的情况下，由于流动储蓄水平低和标准失业保险福利不能完全取代收入，近一半失去收入六个月的家庭将无法支付他们的开支。