This story is part of, CNET̵
According to Johns Hopkins University, cases in the United States have passed the 11 million mark. On Monday, the pharmaceutical company Moderna announced one against the virus in early results and new lockdowns to help slow its spread are being considered across the country.
Meanwhile, the last set of economic protections will run out on December 31, unlessand another passes before then. 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 onethat 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 .
In contrast, Biden has drawn up a plan to reduce the effects of theabout the US economy, starting with 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.
A second round of incentive checks
The, 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 broadcast to more than 160 million Americans. That immediate help caused a jump .
Biden’s plan, like the one Trump has backed, will include, but it does not specify how much or for how much, or . Democrats and Republicans are currently negotiating that would include , but the clock is ticking to get a bill approved.
A boost for 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, and Trump relaunched a smaller version of the bonus in August . This provided temporary shelter and has since been exhausted; only a new stimulus package would generate more money. (Here is .)
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.
More social security money per month
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 student loan debts
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. 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.
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
Read to learn more about the stimulus package situation, why you could and all reasons .