This story is part of, CNET’s coverage of the voting in November and its aftermath.
With just a handful of weeks left in 2020,continues to urge congressional leaders to work out the details of . But Biden has his own economic relief plan to consider if Washington doesn’t act this year. State and local governments began lockdowns and other measures right before Thanksgiving to slow the spread of the , which topped 250,000 deaths in the US last week. These restrictions will likely increase the economic hardship on Americans and businesses, and some programs created by the in March and by in August to .
Congress began its holiday vacation without aand won’t be back in session until Nov. 30. House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell will begin negotiations soon, Senate Minority Leader Chuck Schumer said Thursday. To avoid a government shutdown, the two political parties must pass more funding by Dec. 11.
Biden has appointedand laid out his plan to address the effects of the with a new set of strategies that complement a similar plan Biden released during his presidential campaign.
Below, we detail everything Biden may be planning in regard 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.
A boost in 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 student loans
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 .