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President-elect Joe Biden has a stimulus plan for the US. Here’s what’s in it

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Biden has already laid out his plan for COVID-19 assist.


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This story is part of Elections 2020, PJDM’s coverage of the run-up to voting in November.

After a nail-biter presidential race, President-elect Joe Biden declared victory as the 46th president of the United States Saturday night time. Whereas his time period will not begin till after the inauguration on Jan. 20, Biden mentioned that on Monday he’ll meet with “a bunch of main scientists and specialists as transition advisors” to roadmap his plans and insurance policies to struggle the coronavirus forward of taking workplace on Jan. 20. 

“Our work begins with getting COVID beneath management. We can’t restore the economic system… till we get it beneath management,” Biden mentioned Saturday night time throughout his speech.

By Friday, the US broke one other file, with 132,700 new COVID-19 cases that day, and 4 consecutive days of greater than 1,000 deaths associated to the coronavirus.

“Greater than 20 million are on unemployment. Tens of millions are worried about making rent and placing meals on the desk,” Biden said Thursday. Our financial plan will put a deal with a path to a robust restoration.”

A part of Biden’s imaginative and prescient contains more stimulus aid. As a part of his marketing campaign, Biden created the Emergency Action Plan to Save the Economy, a doc that gives perception on the route he could lean as soon as he takes workplace. The path to passing one other stimulus package deal earlier than and after the inauguration is projected to be rocky, contentious and extremely partisan.

Biden’s preliminary plan — which we sum up beneath — options some components from the CARES Act, equivalent to stimulus payments for eligible Americans and more unemployment benefits, and envisions new measures to supply extra monetary assist. Here is what’s in it.

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The CARES Act was the primary stimulus package deal meant to assist these financially affected by the pandemic. One of the crucial widespread points of the act was the as much as $1,200 stimulus check despatched out to greater than160 million People. It prompted a soar in household spending, helped millions from slipping into poverty and allowed others to save

Biden’s plan, just like the one Trump is backing, will embody more direct stimulus payments, but it surely would not specify what number of or for a way a lot, or if any of the qualifications would change. Democrats and Republicans are presently negotiating for more stimulus relief that would come with another round of direct payments, however the clock is ticking to get a invoice handed, and the outcomes of the presidential elections on Nov. 3 might play a job on the timing of a deal.

Learn extraYou don’t have to be a US citizen living in America to get a stimulus check

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Stimulus checks are only the start.


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Extra unemployment advantages for employees

Lockdowns throughout cities led to an unprecedented spike in unemployment with greater than 20 million people having lost their jobs again in Might. To assist these unemployed so all of the sudden, the CARES Act offered a weekly bonus cost of $600 to go on prime of the unemployment advantages offered by the states. These additional funds expired at the end of July, and Trump restarted the bonus in August via an executive memo. This short-term aid offered $300 extra for six weeks and has since been exhausted with solely a brand new stimulus package deal able to offering extra funds. (Here is every benefit that dries up if the stimulus isn’t renewed.)

Biden’s plan doesn’t go into specifics on how a lot funding can be accessible. It does say {that a} invoice would increase unemployment advantages. 

Larger Social Security checks

There have been no measures to Social Safety within the CARES Act or different aid packages since then. Biden’s stimulus plan requires an extra $200 added to the month-to-month funds to Social Safety recipients. 

Federal pupil mortgage forgiveness

Included within the CARES Act was a forbearance for pupil loans. These people who owed cash would not have to make funds or see any curiosity accrue till the top of September, in line with Biden’s stimulus imaginative and prescient. 

Again in August, Trump extended the forbearance until the end of 2020. Biden’s plan goes a distinct route by providing a mortgage forgiveness of a $10,000 minimal. Sen. Elizabeth Warren, a Democrat from Massachusetts, outlined a plan to forgive the federal student loan debt again in September.

Different measures included within the plan

Biden’s motion plan additionally contains extra reliefs equivalent to:

  • Extra money for small companies
  • Emergency sick depart for everybody who wants it
  • Fiscal aid for states
  • No out-of-pocket cash for COVID-19 testing, remedy and an eventual vaccine

For extra info on the present stimulus package deal state of affairs, learn how to calculate your stimulus money, why you may receive an EIP card instead of a check and all the explanations your next check could be bigger.

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Author

Oscar Gonzalez