WITH less than a week before Election Day, President Trump vowed to deliver “the best stimulus package you’ve ever seen” – but he's not the only one with a plan.
On his website, presidential hopeful Joe Biden laid out his Emergency Action Plan to Save the Economy – which is a rundown of what he’ll do if elected president right now.
Although the plan is just a speculative overview, it provides insight on Biden’s policy if he’s elected president before another stimulus package is passed.
Biden’s plan includes elements we saw in the CARES Act, such as a stimulus check, unemployment benefits and new measures to provide additional financial help.
Here’s a rundown into Biden’s stimulus plan.
Sending out more stimulus checks to Americans
The CARES Act was signed into law during the spring as a way to provide financial support to Americans affected by the coronavirus pandemic.
One of the most popular features of the act was the $1,200 stimulus checks sent out to an estimated 159million Americans.
Biden’s plan, similar to President Trump, will include more direct stimulus payments to American – however, it doesn’t specify how many, how much or if any of the qualifications would change.
Student loan forgiveness
Just like in the CARES Act, a forbearance for student loans is also included in the former vice president plan.
According Biden’s stimulus vision, students who owed money would not need to make payments or see any interests increase until the end of September 2021.
Back in August, President Trump extended the forbearance until the end of 2020.
Biden’s plan goes also offers a loan forgiveness of a $10,000 minimum.
Boost and renew unemployment benefits
Due to the coronavirus pandemic cities across American had no choice but to shut down business as states entered an unprecedented lockdown.
The result, an unheard-of spike in unemployment with more than 20million people having lost their jobs back in May.
To help the unemployed, the CARES Act provided a weekly bonus payment of $600 to go on top of the regular unemployment benefits provided by the states.
However, these extra funds expired at the end of July and President Trump restarted the bonus in August via an executive order.
The temporary relief provided $300 extra for six weeks and has since been exhausted by all but eight states.
Biden’s plan does not go into specifics on how much funding would be available, but it does say that a bill would boost unemployment benefits.
Increase Social Security payments to recipients
Unlike the CARES Act, no measures were added to Social Security – however Biden’s stimulus plan calls for an additional $200 added to the monthly payments to recipients.
Other additional measures included in Biden’s stimulus package also feature:
- More money for small business.
- Emergency sick leave for everyone who needs it.
- Fiscal relief for states
- No out-of-pocket money for Covid-19 testing, treatment and an eventual vaccine.
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