Here’s what Biden’s stimulus plan will likely include

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. 

It seems like things on Capitol Hill are starting to get back under control and now the attention is largely shifting to next week when Joe Biden will release the details of his coronavirus relief package.

We know that the package is going to be large, (as in in the trillions large), but what can we expect for the package to contain?

We have some hints already and here are some benefits we might see.

Third stimulus check

Probably the most popular item that people are looking forward to is another stimulus check. Biden has been very vocal about the $600 checks not being enough and has voiced support for sending Americans $2,000.

The big question we don’t know is if the third stimulus check would be for $2,000 or if it would be for $1,400.

I’m sure we will find that out soon.

I don’t think that we can say that the third stimulus checks are a lock just yet though because even some Democrats have voiced opposition to the idea.

But based on some support that has come from Republicans, I think the odds are very high of a third stimulus check going out.

Don’t Miss: Great 0% APR options for balance transfers

Vaccine deliveries

A lot of people are unhappy with the current status of vaccine distribution. It seems there have been several bottlenecks that have the country way behind in its goals.

Biden wants to prioritize vaccine distribution and will likely push for additional funding to make that happen.

“I will immediately move for the most urgent need of asking the Congress to give me the financial wherewithal to deal with the virus,” Biden said.

 “I’m committed to get 100 million shots in people’s arms in the first 100 days.”

Aid for local and state governments

Perhaps the most contentious issue over the summer and the fall was the funding for local and state governments.

Eventually, this item got dropped and allowed the $600 stimulus checks to go through but this topic will certainly come back up now the Democrats are in control.

This item was also tied to the liability protections that Democrats do not want so it is possible that they may have to give in to those protections if they want to get enough Republicans on board to pass this measure.

Unemployment benefits

The unemployment benefits are considered the most streamlined way to deliver relief to people who need it the most so I would expect these benefits to be extended.

Biden has talked about extending unemployment benefits for “however long this crisis lasts.” So it’s not outside the realm of possibility that these benefits could be extended all the way to the summer.

Don’t Miss: Great 0% APR options for balance transfers

Student loan help

Most likely, those owing federal student loans will get their payments deferred for several more months. I’ve heard talk of the deferment lasting all the way through the fall of 2021 but I’m not sure of that yet.

There is also even talk about loan forgiveness for up to $10,000 in student debt but that could be part of a different deal.

It’s very possible that Democrats could load up the stimulus bill with measures only slightly related to coronavirus relief with the hopes of getting them passed.

As they negotiate with Republicans, they could drop those items but that strategy did not play out very well last time. It could work better now that Democrats have more advantageous numbers but I still would prefer them to come up with a bill that targets the relief needed the most.

Minimum wage boost

There’s also talk about boosting the minimum wage from $7.25 an hour all the way up to $15.

“No one, no one should work as millions are doing today, 40 hours a week at a job, and still live below the poverty line. They are entitled to at least $15 minimum wage per hour,” Biden said.  

So some of these items are more wish list items but I am pretty confident that we will see a very robust package put together that hopefully gets through Congress in a timely fashion.

H/T

Related

Are $2,000 stimulus checks guaranteed?

$2,000 stimulus checks now top priority

$2,000 checks first priority for new Democrats in it

UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Leave a Reply

Your email address will not be published. Required fields are marked *