This story is part of , CNET’s coverage of the run-up to voting in November.
Joe Biden won the Emergency Action Plan to Save the Economy, a document that provides insight on the direction he may lean once he takes office., and on Monday, he announced his to take on the . This came after Pfizer said its . To tackle the current state of the US economy, President-elect Biden developed the
“Our work begins with getting COVID under control,” Biden Saturday night. “We cannot restore the economy…until we get it under control.”
On Sunday, the US reported an average of more than 100,000 new COVID-19 cases over the last week, The Washington Post reported, with over 1,000 deaths related to the coronavirus five out of the past seven days.
Biden is also expected to share more details of his coronavirus response plan this week, includingfor Americans. Negotiations on the eventual bill between Democrats and Republicans will be likely, though they may not be smooth. The route to passing another stimulus package before and after the inauguration is projected to be .
Biden’s initial plan — which we sum up below — pulls some elements from the more unemployment benefits, while also suggesting new measures to provide additional financial help. Here’s what’s in it., such as for and
Biden would send another round of second stimulus checks
The CARES Act, 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 stimulus check of up to sent out to more than 160 million Americans. That direct aid caused a jump in .
Biden’s plan, like the one President Donald Trump is backing, 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 to 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 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 the bonus in August . This temporary relief provided and has since been exhausted, with only a new stimulus package capable of providing more funds. (Here’s .)
Biden’s plan doesn’t go into specifics on how much funding may be available. It does say a bill would boost 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.
Forgiving 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, 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.
Other measures included in Biden’s plan
Biden’s plan also includes additional relief, including:
- 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 .