Coronavirus
President-Elect Joe Biden Unveiled His $1.9T Coronavirus Relief Package
President-elect Joe Biden on Thursday unveiled the details of a $1.9 trillion coronavirus rescue package designed to support households and businesses through the pandemic.
The proposal, called the American Rescue Plan, includes several familiar stimulus measures in the hope the additional fiscal support will sustain U.S. families and firms until the Covid-19 vaccine is widely available.
Here’s what Biden calls for:
- Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments
- Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September
- Increasing the federal minimum wage to $15 per hour
- Extending the eviction and foreclosure moratoriums until the end of September
- $350 billion in state and local government aid
- $170 billion for K-12 schools and institutions of higher education
- $50 billion toward Covid-19 testing
- $20 billion toward a national vaccine program in partnership with states, localities, and tribes
- Making the Child Tax Credit fully refundable for the year and increasing the credit to $3,000 per child ($3,600 for a child under age 6)
