Democratic presidential nominee Joe Biden revealed his thoughts on the stimulus package.
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Election Day is less than two weeks away. President Donald Trump’s administration continues to negotiate with the Democratic party over a new stimulus deal to provide much-needed funds for those affected by the COVID-19 pandemic. Although it’s unclear when this next relief package will make its way through Congress, Trump’s opponent, Democratic nominee Joe Biden, already released his plan for a stimulus package.
On his website, Biden lays out his “Emergency Action Plan to Save the Economy,” which is a rundown of what he would do if he were the president right now. Although it’s a speculative overview, the plan provides insight on Biden’s policy if he’s elected president before a new stimulus bill passes.
It includes some elements we saw in the CARES Act, such as stimulus checks for qualified Americans and more unemployment benefits. Biden’s plan also adds new measures to provide additional financial help.
Here’s what’s in Biden’s stimulus plan.
More stimulus checks for individuals and families
The CARES Act was the first stimulus package intended to help those financially affected by the pandemic. One of the most popular aspects of the act was the $1,200 stimulus check sent out to an estimated 159 million Americans. It caused a jump in household spending at a time when the pandemic was at its worst and others were able to save the funds for a later time.
Biden’s plan, like the one Trump is backing, will include more checks, but it doesn’t specify how many or for how much. Democrats and Republicans are currently negotiating for more stimulus relief that would include another round of direct payments, but the clock is ticking as both members of the House of Representatives and Trump want a deal in place before the presidential elections on Nov. 3.
Student loan forgiveness
Included in the CARES Act was a forbearance for student loans. Those individuals who owed money wouldn’t need to make payments or see any interest accrue until the end of September, according to Biden’s stimulus vision.
Back in August, Trump extended the forbearance until the end of 2020. Biden’s plan goes a different direction by offering a loan forgiveness of a $10,000 minimum. Sen. Elizabeth Warren, a Democrat from Massachusetts, outlined a plan to forgive the federal student loan debt back in September.
Boost unemployment benefits
Lockdowns across cities led to an unprecedented spike in unemployment with more than 20 million people having lost their jobs back in May. To help those unemployed so suddenly, the CARES Act provided a weekly bonus payment of $600 to go on top of the unemployment benefits provided by the states. These extra funds expired at the end of July, and President Trump restarted the bonus in August via an executive memo. This temporary relief provided $300 extra for six weeks and has since been exhausted with only a new stimulus package capable of providing more funds.
Biden’s plan does not go into specifics on how much funding would be available. It does say that a bill would boost unemployment benefits.
Social Security increase
There were no measures to Social Security in the CARES Act or other relief packages since then. Biden’s stimulus plan calls for an additional $200 added to the monthly payments to Social Security recipients.
What else?
Biden’s action plan also includes additional reliefs such as more money for small businesses, emergency sick leave for everyone who needs it, fiscal relief for states and no out-of-pocket money for COVID-19 testing, treatment and an eventual vaccine.
For more information on the current stimulus package situation, read how much stimulus money you could get if a bill is passed, why you might receive an EIP card instead of a check, or how you can get more stimulus money.
