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President-elect Biden’s 2021 stimulus plan: will you get a second check or not?



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Biden says Americans need help now.

Sarah Tew / CNET

President elect Joe Biden only takes office January 20, 2021, but on Tuesday he presented his choices for the country’s major economic positions. He repeated his call to Congress to succeed another incentive bill and says more enlightenment will be needed once he takes office.

“Any packet passed in a lame-duck session is just a start at best,” he said.

As Biden’s stimulus plan takes shape, a smaller stimulus bill converges in Washington. A front runner is a new two-tiered bicameral system Proposal of $ 900 billion, which was first knocked down by Mitch McConnell, the majority leader of the Senate. As of Thursday, it’s not clear whether McConnell is more open to the idea of ​​compromising with Democratic leadership or whether he is sticking to a $ 500 “ meager ” bill that fell through two times in the Senate.

The $ 908 billion plan would expand it decreasing increased unemployment benefits and recovery of the $ 300 weekly bonus, but it offers no second stimulus control.

As president, Biden can sign executive orders to provide some relief, such as extending student loan deferments and eviction moratorium similar to what President Donald Trump did so in August, but he needs a full-blown stimulus plan to give struggling Americans the money they need. So, it will be another direct payment of $ 1,200 or not?

That part is still uncertain. But what we do know is that President-elect Biden drafted his Emergency Action Plan to Save the Economy during his campaign, which gave way to more direct assistance to individuals and families.

Below we describe all the stimulus movements that we know so far that Biden may be planning.


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A second round of stimulus checks is a possibility

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, such as the one President Donald Trump 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: If you want your second stimulus check faster, do it now

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Stimulus control is just the beginning.

Angela Lang / CNET

Higher unemployment benefits for jobseekers

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.

More money for monthly 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 Debt for Federal Student Loans

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. If it were to be implemented in the future, there would of course be a different cut-off date.

In August Trump extended the tolerance until the end of 2020. Biden is moving in a different direction, with the president-elect recently saying he supports a minimum $ 10,000 loan forgiveness. (In September, Senator Elizabeth Warren of Massachusetts, a Democrat and former presidential candidate, outlined a plan to cancel the federal student loan debt.) Biden’s “ Out-of-High School Education Plan ” also focuses on student loans, with changes such as enrollment new and existing loans in income-based repayment plans and debt cancellation after 20 years of repayment.

Other measures that Biden has endorsed

Biden’s plan could 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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