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President-elect Biden has a stimulus plan. Here’s What You Should Know



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Biden won’t be sworn in until January, but he says he’ll 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 continued to urge Congress to succeed another incentive bill during a press conference Monday. State and local governments this week began implementing lockdowns and other measures to prevent the spread of the coronavirus, 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 CARES Act in March until Helping Americans financially expires on December 31.

Republicans and Democrats still don’t have a deal 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 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 see everything Biden is up to in regards to incentive payments.


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Another round of incentive 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 doesn’t 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

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 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.

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 Trump extended the tolerance until the end of 2020. 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.

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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