The White House and Democrats have their own wish list for the next stimulus package. Similarly, Democratic nominee Joe Biden also has a plan for the coronavirus stimulus package, including checks. Biden’s plan is actually his wish list for the relief package if he “were President right now.”
Coronavirus stimulus checks, unemployment benefits: what does Joe Biden want?
Biden has shared his plan – The Biden Emergency Action Plan to Save the Economy – on his website. This plan basically shows what he would have done if he were the president right now. Though the plan is largely as expected, it does hint on what Biden wants to do if he is elected as the president before Congress passes a new stimulus package.
Exclusive: York Capital to wind down European funds, spin out Asian funds
York Capital Management has decided to focus on longer-duration assets like private equity, private debt and collateralized loan obligations. The firm also plans to wind down its European hedge funds and spin out its Asian fund. Q3 2020 hedge fund letters, conferences and more York announces structural and operational changes York Chairman and CEO Jamie Read More
Biden’s stimulus plan includes many provisions of the CARES Act, such as federal unemployment benefits and stimulus checks. For the unemployment benefits, Biden’s plan does not detail how much funding it would provide. Instead, it just says that it would boost unemployment benefits.
The CARES Act, which was passed in March, gave $600 in weekly benefits on top of the unemployment benefits provided by the states. However, the benefits expired in July. Trump, in August, partially restarted the benefits ($300) via an executive action.
Biden’s plan doesn’t talk of the specifics for the stimulus check, such as how many, how much and the qualifications. Rather, the plan just says that it would send more direct stimulus payments.
“Provide for additional checks to families should conditions require,” Biden’s plan says.
The CARES Act gave stimulus checks of up to $1,200 to all eligible Americans. The White House, Democrats and Republicans agree on the need of sending stimulus checks of up to $1,200 as well. Their proposals, however, marginally differ on the dependent payment and some eligibility requirements.
What else does Biden’s plan include?
Apart from unemployment benefits and stimulus checks, Biden’s plan also includes forbearance for student loans. Biden’s vision of a stimulus package would allow students to not make any payments on the loan, or see any interest accrue until a specific time period. Also, Biden’s plan includes loan forgiveness, a minimum of $10,000 per person.
Biden’s stimulus plan also sets aside $200 in the form of monthly payments to Social Security recipients. No relief package or proposal has included anything like this.
Biden’s stimulus plan also sets aside money for small businesses, has provisions for emergency sick leave for whosoever needs it, aid for states, as well as no out-of-pocket money for COVID-19 testing, treatment and an eventual vaccine.
Along with these provisions, Biden’s plan also includes the use of “all available authorities, including the Defense Production Act to turn the tide on this epidemic.” Also, Biden wants to come up with a task force that will report directly to him to ensure every dollar spent “gets to the people who need it — fast.”