Details of president—elect Joe Biden $1.9 trillion economic rescue

President-elect Joe Biden released key parts of a $1.9 trillion proposal on Thursday evening. Some of his plans include bigger stimulus checks, more aid for the unemployed, additional support for small businesses, and so much more.

 

Termed as “The American Rescue Plan,” the package augments many of the measures in Congress’s historic $3 trillion coronavirus relief bill from March and in the $900 billion legislation from December, which was scaled back to garner support from Senate Republicans.

 

He also plans to lay out strategies that would boost the economy, create jobs, tackle the climate crisis, among other things.

 

Details of his economic plan include:

Increase of hourly minimum wage to $15 per hour

Biden plans to call on Congress to increase the minimum wage to $15 an hour, and to end the tipped minimum wage and the sub-minimum wage for people with disabilities.

Increase in stimulus package payments

His plan included sending out another $1,400 per person to eligible recipients. This would be used to supplement the $600 payments that were approved by Congress in December and sent out earlier in January.

 

The new payments would also include adult dependents that were left out of the earlier rounds, like some children over the age of 17.

Increase in unemployment aid

Joe Biden also plans to increase the federal boost the jobless receive to $400 a week, from the $300 weekly enhancement contained in Congress’s relief package from December.

 

The payment plan, along with two key pandemic employment programs—Pandemic Emergency Unemployment Compensation and Pandemic Unemployment Assistance program—would be extended to last past March.

Provision of rental assistance and eviction moratorium

The plan would provide $25 billion in rental assistance for low- and moderate-income households who lost their jobs during the pandemic.

 

The plan would extend the federal eviction moratorium, set to expire at the end of January, to September 30, as well as allow people with federally guaranteed mortgages to apply for forbearance until September 30.