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Update on Government Actions Taking Place (3/31/2020)

I thought you might find this update helpful to understand the government’s actions to stabilize the economy. Lawmakers finally came together on a bipartisan stimulus package that was signed into law on Friday, March 27th. The $2 trillion dollar stimulus package known as the CARES Act will act as a lifeline for businesses and employees while the government shutdown persists. The graphic below breaks down the different buckets of the package and how funds are being distributed. 

On top of support for large and small businesses, the bill also provides support for hospitals and drug makers that are working to fight and contain the virus. Details are still being provided on the logistics and timing of payments and programs, but officials have been adamant about rolling these out as soon as possible.

The CARES Act is just one aspect of the measures currently being taken to minimize the damage from the virus. The graphic below summarizes the various containment, monetary and fiscal measures that have been taken to control the spread of the virus and provide support to the economy through this difficult stretch.

We will continue to monitor the government’s actions and keep you informed as to the current developments and our approach to the market situation. All the best to you and your families. 

 

 

Disclaimer: The information contained in this commentary has been compiled by Covington Investment Advisors, Inc. from sources believed to be reliable, but no representation or warranty, express or implied, is made by Covington Investment Advisors, Inc., its affiliates or any other person as to its accuracy, completeness or correctness.

Under no circumstance is the information contained within this correspondence to be used or considered as an offer to buy or sell or a solicitation of an offer to buy or sell any particular security. Nothing in this correspondence constitutes legal, accounting, or tax advice or individually tailored investment advice, or research. This material is prepared for general circulation to clients, and does not have regard to the particular circumstances or needs of any specific person who may read it. The recipient of this correspondence must make his or her own independent investment decisions regarding any securities or financial instruments mentioned herein. Past performance is not indicative of future results. To the full extent permitted by law neither Covington Investment Advisors, Inc. nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct, indirect or consequential loss arising from any use of this market commentary or the information contained herein. This correspondence may not be reproduced, forwarded or copied by any means without the prior consent of Covington Investment Advisors, Inc.

Investors should review this correspondence knowing that any comments and opinions made in this correspondence are subject to change and positions held by the authors may be sold.

 
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Covington Investment Advisors, Inc.
301 E. Main Street
Ligonier, PA 15658
Phone: 724-238-0151
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Email: covington@covingtoninvestment.com