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Home / Tips and Tricks / Next stimulus package: President-elect Joe Biden’s plan is that there will be no new law

Next stimulus package: President-elect Joe Biden’s plan is that there will be no new law



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Biden won’t be sworn in until January, but he says he will be ready on Day 1.

Sarah Tew / CNET

This story is part of Elections 2020, CNET̵

7;s coverage of the November vote and its aftermath.

President elect Joe Biden held a virtual meeting on Monday to talk about the economy. He insisted Congress succeed another incentive bill, which is imperative because programs created by the CARES Act in March expires on December 31.

“Right now, Congress needs to get together and approve a COVID aid package, like it HEROES Act that passed the House six months ago, “Biden said Monday.” Once we get rid of the virus and provide economic aid to workers and businesses, we better start building than before. “

Republicans and Democrats are at an impasse with the next aid package. The White House appears to have pulled out of its $ 1.9 trillion pre-election proposal, which did not receive support from the GOP. Leading Democratic and Republican lawmakers – House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell, respectively, have reportedly not spoken about the stimulus, but top leaders across the spectrum have called for more help, including President-elect Joe Biden and President Donald Trump .

On Saturday, Trump tweeted support for one new incentive account that is both large and focused, an apparent contradiction. Since both sides of the aisle are at odds, there is little chance that a new incentive bill will be passed before Biden’s inauguration on January 20.

In contrast, Biden has drawn up a plan to reduce the effects of the corona pandemic about the US economy, starting with a COVID-19 task force and a new set of strategies that complement a similar plan that Biden launched during his presidential campaign.

Read on to check out everything Biden is up to in regards to incentive payments.


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Another round of stimulus checks

The CARES Act, passed in March, was the first stimulus package designed to help people affected financially by the pandemic. One of the most popular aspects of the act was one stimulus check of up to $ 1,200 broadcast to more than 160 million Americans. That immediate help caused a jump household expenses, helped millions at risk of poverty and enabled others to save.

Biden’s plan, like the one Trump has backed, will include more direct incentive payments, but it does not specify how much or for how much, or if any of the qualifications were to change. Democrats and Republicans are currently negotiating more stimulus lighting that would include another round of direct payments, but the clock is ticking to get a bill approved.

read more: You don’t have to be a U.S. citizen living in America to get an incentive check

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Stimulus control is just the beginning.

Angela Lang / CNET

Promote unemployment benefits

COVID-19 lockdowns in cities led to an unprecedented spike in unemployment, with more than 20 million people losing their jobs in May. To help those unemployed suddenly, the CARES Act provided for a weekly bonus payment of $ 600 on top of the unemployment benefits provided by the states. These extra funds expired at the end of July, and Trump relaunched a smaller version of the bonus in August via an executive memo. This provided temporary shelter $ 300 extra for six weeks and has since been exhausted; only a new stimulus package would generate more money. (Here is any benefit that dries up if the stimulus is not renewed.)

Biden’s plan doesn’t go into details about how much funding may be available. It does say that a bill would improve unemployment benefits.

Larger social security checks

Since then, there have been no measures to boost social security in the CARES law or in other aid packages. Biden’s incentive plan requires that an additional $ 200 be added to the monthly payments that go to Social Security recipients.

Forgiveness of Federal Student Loan Debt

A tolerance for student loans was included in the CARES law. Those owed money did not have to make payments or see interest accruing until “the end of September,” Biden’s view of stimulus measures. Of course, if it were to be implemented in the future, there would be a different cut-off date.

In August Trump extended the tolerance until the end of 2020. Biden’s plan goes in a different direction by offering a minimum $ 10,000 loan forgiveness. Senator Elizabeth Warren from Massachusetts, a Democrat and former presidential candidate, outlined a plan in September to cancel the federal student loan debt.

Other measures

Biden’s plan would also include:

  • More money for small businesses
  • Emergency absenteeism for anyone who needs it
  • Tax relief for states
  • No cash for COVID-19 testing, treatment and any vaccine

Read to learn more about the stimulus package situation how to calculate your incentive money, why you could receive an EIP card instead of a check and all reasons your next check could be bigger.




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