Article by W. Clay Crook-
The guest speaker for the May 26, 2020 Lexington Rotary Club was Phillip Renfroe, from Community Bank, who spoke about the CARES Act. CARES, or the Coronavirus Aid, Relief and Economic Security Act was passed to provide $2 trillion in aid during the recent pandemic.
He started out with an example of showing the difference between a million and a billion. Eleven million seconds ago would take you back about eleven and half days, or around May 15th. One billion seconds, however, would take you back on the calendar to sometime around December 1988. The CARES Act is the largest economic stimulus bill ever in our county. The stimulus act in 2009 was about $831 million. The CARES Act includes some $349 billion in the Paycheck Protection Program, and then another…
For complete coverage, see the June 3rd edition of The Lexington Progress.