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Upcoming Stimulus Checks: What to Expect

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President elect Joe biden will not be sworn in before he inaugurateded on January 20, but it is already tackling the coronavirus pandemic and the country’s economic recovery. It created a COVID-19 task force to help prevent the spread of the virus, which continues to beat its record number of new daily infections, reaching 150,000 new cases on Thursday.

Biden’s economic plans also include containing the coronavirus and expanding more unemployment benefits for Americans without work. Even before the election, Biden developed the Emergency Action Plan to Save the Economy to explain the direction he could take once in office.

Biden’s original plan – which we summarize below – draws some elements from the CARES Law, such as stimulus payments for Eligible Americans – while suggesting new measures to provide additional financial assistance. At a press conference on Nov. 10, he called for more stimulus aid to help struggling Americans, though Democrats and Republicans negotiations for more money appear to be blocked.

Here’s what Biden may think.

Biden would send more stimulus checks

the CARES Law, adopted in March, was the first stimulus package to help those financially affected by the pandemic. One of the most popular aspects of the act was a stimulation check up to $ 1,200 sent to over 160 million Americans. This direct aid has taken a leap forward household spending, helped millions of people at risk of falling into poverty, and saved others.

Biden’s plan, like the one President Donald Trump supports, will include more direct stimulus payments, but it doesn’t specify how much or for how much, or if any of the qualifications should change. Democrats and Republicans are currently negotiating for more stimulus relief which would include another round of direct payments, but time is running out to pass a bill.

Read more: You don’t have to be a U.S. citizen living in America to get a stimulus check

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Stimulus checks are just the start. Angela Lang / CNET

Unemployment benefits would be extended

COVID-19 lockdowns in cities led to an unprecedented rise in unemployment, with more than 20 million people losing their jobs in May. To help the suddenly unemployed, the CARES Act provided for a weekly bonus of $ 600 in addition to unemployment benefits provided by states. These additional funds expired at the end of July, and Trump rebooted a smaller version of the bonus in August via an executive memo. This temporary relief provided $ 300 more for six weeks and has since been sold out; only a new stimulus package would provide more funds. (Here is every benefit that dries up if the stimulus is not renewed.)

Biden’s plan does not specify how much funding is available. He says a bill would improve unemployment benefits.

Stronger social security checks

Since then, no measures to strengthen social security have been taken in the CARES law or in other relief programs. Biden’s stimulus package calls for adding an additional $ 200 to monthly payments to Social Security recipients.

Forgive Federal Student Debt

The CARES law included a forbearance for student loans. People who owed money wouldn’t need to make payments or see interest accruing until “the end of September,” according to Biden’s stimulus vision. If it were implemented in the future, there would, of course, be a different deadline.

Back in August, Trump extended tolerance until the end of 2020. Biden’s plan goes in a different direction by offering a loan forgiveness of a minimum of $ 10,000. Senator Elizabeth Warren of Massachusetts, a Democrat and former presidential candidate, presented a plan to write off federal student loan debt in September.

Other measures mentioned in Biden’s plan

Biden’s plan also includes additional relief:

• More money for small businesses
• Emergency sick leave for all who need it
• Tax relief for states
• No spending money for COVID-19 test, treatment and possible vaccine

For more information on the state of the stimulus plan, read how to calculate your stimulus money, why could you receive an EIP card instead of a check and all the reasons your next check might be bigger.