This story is part of, CNET’s coverage of the voting in November and its aftermath.
held a virtual meeting Monday to talk about the economy. He pushed for Congress to pass , which is imperative as programs created by the in March are set to expire on Dec. 31.
“Right now, Congress should come together and pass a COVID relief package like thethat the House passed six months ago,” Biden said Monday. “Once we shut down the virus and deliver economic relief to workers and businesses, then we can start to build back better than before.”
with the . The White House appears to have backed away from its $1.9 trillion pre-election proposal, which did not see GOP support. The top-ranking Democratic and Republican lawmakers — House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell, respectively, have reportedly not spoken about the stimulus, yet top leaders across the spectrum have been calling for more aid — including President-elect Joe Biden and President Donald Trump.
On Saturday, Trump tweeted support for a both large and focused, a seeming contradiction. With both sides of the aisle at odds, there’s not a big chance of getting a new stimulus bill passed before Biden’s .that is
By contrast, Biden has laid out a plan to address the effects of theon the US economy, starting with and a new set of strategies that complement a similar plan Biden released during his presidential campaign.
Read on for a look at everything Biden may be planning with regards to stimulus payments.
Another round of stimulus checks
The, passed in March, was the first stimulus package intended to help people financially affected by the pandemic. One of the most popular aspects of the act was a sent out to more than 160 million Americans. That direct aid caused a jump in .
Biden’s plan, like the one Trump has backed, will include, but it doesn’t specify how many or for how much, or . Democrats and Republicans are currently negotiating for that would include , but the clock is ticking to get a bill passed.
Boosting unemployment benefits
COVID-19 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 suddenly, the CARES Act provided a weekly bonus payment of $600 on top of unemployment benefits provided by the states. These extra funds, and Trump restarted a smaller version of the bonus in August . This temporary relief provided and has since been exhausted; only a new stimulus package would provide more funds. (Here’s .)
Biden’s plan doesn’t go into specifics about how much funding may be available. It does say a bill would improve unemployment benefits.
Bigger Social Security checks
There were no measures to boost Social Security in the CARES Act or in other relief packages since then. Biden’s stimulus plan calls for an additional $200 to be added to the monthly payments that go to Social Security recipients.
Forgiveness of federal student loan debt
Included in the CARES Act was a forbearance for student loans. 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. If implemented in the future, there would, of course, be a different cutoff date.
Back in August,. Biden’s plan goes a different direction by offering a loan forgiveness of a $10,000 minimum. Sen. Elizabeth Warren of Massachusetts, a Democrat and former presidential candidate, outlined a plan to forgive the federal student loan debt back in September.
Biden’s plan would also include:
- More money for small businesses
- 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
For more information on the stimulus package situation, read, why you might and all the reasons .