With corona cases breaking records, Biden has formulated a plan to save the economy.
Corona cases have surpassed the 11M mark and new lockdowns would be imposed. Moderna has declared a vaccine against coronavirus which is supposed to be 94.5% effective.
With the House giving up on its $1.9 trillion proposals, the topmost lawmakers are not saying much on stimulus check 2 status. But top leaders like Biden and Trump are asking for more relief payments.
Trump showed support for a larger and more focused new bill on Twitter on Saturday. With opposite sides still not in agreement, the chances of getting a new bill by Jan 20 is getting slimmer.
Biden has started a plan to contain the impact of the virus on the economy. It consists of some new strategies and a coronavirus task force similar to what we heard in Biden’s presidential campaign.
Stimulus Check 2
CARES Act(March 2020) was intended to support people financially where stimulus payment of $1200 was transferred to around 160M Americans. This package increased household spending and helped a lot of people from dipping into poverty.
Biden’s plan which is being supported by Trump calls for more direct payments but doesn’t mention the amount or the time or the eligibility for getting the aid. Republicans and Democrats are holding talks on Stimulus Check 2 status which would consist of another package of payments.
More Unemployment Benefits
Around 20M Americans losing their jobs in May, CARES Act mandated the states to pay a $500 bonus payment per week to the unemployed people. These extra reliefs expired in July and Trump relaunched another version of this payment in August. This relief paid $300 for 6 weeks and then got exhausted. A new package under the stimulus check 2 status can provide larger funds only.
Biden’s plan is not specifying the amount of extra funding to come but it does talk about a bill that would provide more unemployment benefits.
Boost To Social Security Cash Per Month
CARES Act or other packages didn’t include measures to increase Social Security. Biden’s plan talks about an extra $200 in the monthly payments for the recipients of Social Security benefits.
Student Loan Debtors To Get Some Relief
CARES Act had forbearance for loans taken by students. According to President-elect’s stimulus vision, students who took loans won’t have to pay back any amount or interest till September. There would be a separate cut-off date if this vision gets implemented in Stimulus Check 2 status.
Trump further extended this forbearance till 2020 in August. Biden’s plan is different in including a $10,000 minimum as loan forgiveness. Elizabeth Warren, Democrat candidate, Massachusetts, proposed a plan of forgiving the student loans(federal) in September.
Biden’s plan on Stimulus check 2 status might also consist of more cash flow for smaller businesses, sick leave in times of emergency for required individuals, fiscal relief to be provided to the states, and providing money for coronavirus treatment, testing, and eventual vaccination.