has made one thing clear: the US needs , and soon. Biden has spoken out about certain measures more than others, but above all, the incoming president has stressed his position that more stimulus aid should come before his , and before the final COVID-19 relief . If a bill doesn’t pass by the time he’s sworn in, here are .
Congress began its Thanksgiving recess 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 Nov. 19. To avoid a government shutdown, the two political parties must pass more funding by Dec. 11, though it seems no stimulus aid will piggyback on the bill for government funding.
One position that isn’t completely clear is how strongly Biden feels about a. Although he had backed it during his presidential campaign (more on that below) and does advocate for Pelosi’s , which does have a check, Biden’s current economic plan highlights for job-seekers and doesn’t mention another direct payment.
There’s currently some question as to whether Biden would support anotheror try to use his executive influence to try to sway Congress to include another . (If a stimulus bill passes without a check, here are .)
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.
A second round of stimulus checks is a definite possibility
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 President Donald 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.
Bigger unemployment benefits for job-seekers
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.
More money for monthly 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.
Debt forgiveness for federal 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 goes in a different direction, with the president-elect recently saying he supports a loan forgiveness of $10,000 minimum. (In September, Sen. Elizabeth Warren of Massachusetts, a Democrat and former presidential candidate, outlined a plan to forgive the federal student loan debt.) Biden’s “Plan for Education Beyond High School” also focuses on student loans, with changes such as enrolling new and existing loans into income-based repayment plans and forgiving the debt after 20 years of repayment.
Other measures Biden has endorsed
Biden’s plan could 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 .