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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 Facts

The Targeting of the Paycheck Protection Program (Eric Zwick)

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

Agenda

Wednesday, June 10, 2020
11:30 am - 11:35 am
Welcome and Introductions
Michael Greenstone, The Milton Friedman Distinguished Service Professor in Economics and Director of the Becker Friedman Institute for Economics
11:35 am - 11:50 am
Did the Paycheck Protection Program Hit the Target?
Eric Zwick, Associate Professor of Finance and Fama Faculty Fellow, Booth School of Business
US Unemployment Insurance Replacement Rates During the Pandemic
Joseph S. Vavra, Professor of Economics, Booth School of Business
11:50 am - 12:20 pm
Moderated Conversation
Rebecca Jarvis, Chief Business, Technology & Economics Correspondent, ABC News
Joseph S. Vavra, Professor of Economics, Booth School of Business
Eric Zwick, Associate Professor of Finance and Fama Faculty Fellow, Booth School of Business
12:20 pm - 12:30 pm
Audience Q&A