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continues to urge convention leaders to work out the details of before 2020 comes to an end. , leading state and local governments to restore lockdowns and other measures to slow the spread. More restrictions are predicted to add to the economic hardship for Americans and businesses, which comes just weeks earlier .
Congress started its Thanksgiving recess without oneand will not be in session again until November 30. House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell will begin negotiations soon, Senate Minority Leader Chuck Schumer said. November 19th. more funding by December 11, although it has not yet been decided whether any stimulus aid will piggyback on the account or whether there will be a stand-alone account for government funding.
Biden has appointedand explained his plan for the consequences of the with a new set of strategies that complement a similar plan that Biden launched during his presidential campaign.
Below we outline everything Biden may be planning 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 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.
Promote improved 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.
More money for 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. 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 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 situationwhy you could and all reasons .