• Tue. Mar 2nd, 2021

How Much Your Next Stimulus Will Be According to Biden’s New Relief Plan

Bypulsedaily

Jan 18, 2021
Joe Biden

On Thursday, Biden unveiled his $1.9 trillion Covid-19 relief package, which he calls the American Rescue Plan. The package includes many of the provisions that Democrats wanted in the second bill.

Biden’s $1.9 trillion relief bill includes:

  • $1,400 stimulus checks for Americans that made below $75,000 in 2019 to supplement the $600 checks that were included in the $908 billion relief package in December
  • Increase the federal unemployment assistance to $400/week and extend emergency unemployment insurance programs through September 2021
  • Extend the national eviction and foreclosure moratorium through September 2021
  • $170 billion for schools to reopen safely and to help colleges adapt to distance learning
  • Raise the federal minimum wage from $7.25/hour to $15/hour
  • $350 billion in emergency funding for state, local, and territorial governments
  • $20 billion for a national vaccination program in partnership with states, localities, tribes, and territories
  • $50 billion to improve Covid-19 testing in the United States
  • $40 billion for more PPE and to improve supply manufacturing
  • 14 weeks of paid sick, family, and medical leave for people with children
  • Increase the Child Tax Credit to $3,000 per child and make it fully refundable

Biden’s American Rescue Plan has much more emergency aid than the first two relief bills.

“The crisis of human suffering is in plain sight, and there’s no time to waste,” Biden said while announcing his plan. “We have to act, and we have to act now. I know what I just described does not come cheaply, but failure to do so will cost us dearly. The consensus among leading economists is, we simply cannot afford not to do what I’m proposing.”

Incoming Senate Majority Leader Chuck Schumer and Speaker of the House Nancy Pelosi said in a combined statement, “These proposals by the Biden-Harris administration will be critical to getting our country through this challenging period and towards a period of recovery. We echo the president-elect’s call for bipartisan action on his proposal and hope that our Republican colleagues will work with us to quickly enact it.”

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