Milbank's COVID-19 Task Force previously published a flowchart summarizing the programs and initiatives established by Congress, the Federal Reserve, the Treasury Department, and the Small Business Administration to stabilize credit markets and help companies and nonprofit entities cope with pandemic-induced economic pressures. There have since been various refinements to these programs and initiatives.

Our COVID-19 Task Force has updated this snapshot of the federal response accordingly, with links to other Milbank analyses and to new and updated government term sheets, FAQs and other external resources.

Congress is also in the process of debating a new aid package, which would mark Phase 4 of multiple emergency relief programs signed into law to address the impact of COVID-19 on public health and the US economy. Our analysis of earlier phases of these emergency relief programs can be found here.

Click here to view the updated COVID-19: Federal Response at a Glance flowchart.

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