The Dollar Cost of Covid -19

Through Fiscal and Monetary Policy


It seems like every day we read or hear of some form of stimulus  – aid/grants/loans/forgivable loan packages that have been approved and are being distributed or new ones being considered, debated, or in the process of being voted on to keep our economy from collapsing and for setting the stage for the U- or V-shaped recovery the administration is talking about. These are through Congress’s fiscal policy actions and the Federal Reserve’s monetary policy actions.

So far, we know approximate amounts. We, along with many others, are working on the breakdown between how much will be a costs (expense) adding to annual deficits and how much will be an asset (loans receivable). One thing is certain.

This page will be updated regularly.


Fiscal Policy – estimate to date $3.5 Trillion  (April 21, 2020)

So far, Congress passed three bills totally almost $3 trillion. Current estimates are more than $2 trillion will add to annual deficits. This does not include actions taken by the Executive Branch to reallocate funds and delay payment which is estimated to be almost an additional $400 billion.

$  8.3 billion  – The Coronavirus Preparedness and Response Supplemental Appropriations Act

$192 billion – Families First Coronavirus Response Act

$ 2.7 trillion – Coronavirus Aid, Relief, and Economic Security Act (“CARES”)


$450 billion – Congress is currently debating an additional bill for small business and other assistance. It is expected to be soon voted on and pass.


Monetary Policy – estimate to date $2.0 Trillion (April 21, 2020)

The Federal Reserve initiated a number of liquidity, lending, asset purchases actions since February. Their balance assets on April 15 were $6.3 trillion, a $2.21 trillion increase since the end of February. Continued and additional Fed actions are estimated in the $trillions.