[20200730]IN11475_经济活动和2019冠状病毒疾病病毒救济条款到期.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Economic Activity and the Expiration of COVID-19 Relief Provisions July 30, 2020 The federal response to the Coronavirus Disease 2019 (COVID-19) crisis has included programs providing economic relief to individuals, businesses, and state and local governments. The recent or looming expiration or exhaustion of several of these programs has generated congressional discussions on the effect that this could have on the U.S. economys short- and long-term performance. This Insight briefly summarizes the current economic recession and fiscal policy response, highlights some programs that are near expiration or exhaustion of funding, and discusses underlying economic issues. Recession Characteristics The COVID-19 crisis generated a sudden and severe decline in economic activity. The national unemployment rate rose from 3.5% in February 2020, the last month before the declaration of a national emergency under the Stafford Act, to 14.7% in April 2020, the highest monthly rate recorded by the Bureau of Labor Statistics (dating back to 1948). The advance estimate from the Bureau of Economic Analysis (BEA) estimated t