The economic impact of COVID-19 has been tremendous. In the United States, the unemployment rate measured 13.3% in May, with 42 million initial unemployment claims since early March. The Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and largest  relief package passed by the federal government – was signed into law on May 27, 2020, appropriating an historic $2.3 trillion dollars. Two notable components were the Paycheck Protection Program (PPP), providing grants and loans to small businesses, and an expanded unemployment insurance program. As Congress considers another round of stimulus, two University of Chicago economists shared their insights, based on new research, on how these critical programs could be more effectively targeted and improved.

Booth School of Business economists Eric Zwick and Joseph Vavra joined a conversation on their findings, moderated by ABC News Chief Business, Economics, and Technology Correspondent Rebecca Jarvis.

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Related Economic Findings

The Targeting of the Paycheck Protection Program (Eric Zwick)

UI Benefits Exceed Lost Earnings for Most Unemployed (Joseph Vavra)