New research (Ganong, Noel, Vavra, 2020) finds that as designed, the ratio of mean benefits to mean earnings in the data under CARES is roughly 100%. However, this masks substantial heterogeneity. For example, 68% of unemployed workers who are eligible for UI will receive benefits which exceed lost earnings. The median replacement rate is 134%, and one out of five eligible unemployed workers will receive benefits at least twice as large as their lost earnings. Thus, the CARES Act provides income expansion rather than replacement for most unemployed workers.