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continued to urge Congress to succeed during a press conference Monday. State and local governments this week began implementing lockdowns and other measures to prevent the spread of the , which surpassed 250,000 deaths in the US on Wednesday. These actions, while necessary to slow down the virus, are likely to increase its economic impact, and the programs provided by the in March until .
when Congress began its holiday vacation and won’t be in session again until November 30. The top Democratic and Republican lawmakers – House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell, respectively, will begin negotiations soon, Senate Minority Leader Chuck Schumer reports CNBC Thursday. The two political parties will have to pass on more government funding by December 11 to avoid a shutdown.
Biden explained his plan for the consequences 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 see everything Biden is up to in regards to incentive payments.
Another 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 doesn’t 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 in 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 additional 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.
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.
Student loan forgiveness
The CARES Act included a tolerance for student loans. Individuals who owed money didn’t have to make payments or see interest rates grow until “the end of September,” according to 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 loan forgiveness of at least $ 10,000. Senator Elizabeth Warren of 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 .