“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, 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 itand but it offers no .
As president,to provide some relief, such as extending student loan deferments and eviction moratorium similar to what , but he needs a full-blown stimulus plan to give struggling Americans the money they need. So, it will be 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.
Below we describe all the stimulus movements that we know so far that Biden may be planning.
A second round of stimulus checks is a possibility
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, such as the one President Donald Trump 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.
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, 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 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. 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
Read to learn more about the stimulus package situation, why you could and all reasons .