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To revive the pandemic-hit US economy, President-elect Joe Biden on Thursday unveiled the details of a $1.9 trillion coronavirus rescue package. This proposal called the American Rescue Plan includes the stimulus package to bolster the virus-hit economy and the rollout of Covid-19 vaccines, direct relief to US households, for small businesses and communities particularly hard hit by the pandemic. The current plan is the first of two major spending initiatives Biden will seek in the first few months of his presidency.
Biden’s the American Rescue Plan Calls For
- Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments.
- Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September.
- Increasing the federal minimum wage to $15 per hour.
- Extending the eviction and foreclosure moratoriums until the end of September.
- $350 billion in state and local government aid.
- $170 billion for K-12 schools and institutions of higher education.
- $50 billion toward Covid-19 testing.
- $20 billion toward a national vaccine program in partnership with states, localities, and tribes.
- Making the Child Tax Credit fully refundable for the year and increasing the credit to $3,000 per child ($3,600 for a child under age 6).
Biden’s Second Bill
The second bill, expected in February, will tackle the president-elect’s longer-term goals of creating jobs, reforming infrastructure, combating climate change, and advancing racial equity.
As said by the Senior Biden officials, who have been working on the stimulus plan for weeks “the president-elect still supports $10,000 in student debt forgiveness”.
“The crisis of human suffering is in plain sight, and there’s no time to waste,” Biden said as he unveiled the plan Thursday evening from his transition headquarters in Delaware.
Do You Need Financial Aid?
If you are grappling with the downs that the pandemic has left and need financial relief, aids, and grants from the Government. Here are your resources.