Even though the elections are now over, Americans are still waiting for the second stimulus checks. However, with Joe Biden winning the presidential race, many expect the stimulus package to come soon. The question that still remains is how much money Americans will get in a coronavirus stimulus check now.
Biden has already talked about stimulus plans several times before. His plan, shared on his website, does include another round of stimulus checks. Though Biden hasn’t specified the amount for the stimulus checks, he is in favor of sending the $1,200 Economic Impact Payment, similar to the CARES Act and what Democrats proposed in the HEROES Act, according to CNET.
Whether or not he would go with the same eligibility guidelines for the checks as proposed in the HEROES Act, or any other proposal, isn’t known for now.
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More
Biden’s plan also talks about giving unemployment benefits, but is silent on the amount. The plan just says that he would boost unemployment benefits after he becomes President. The CARES Act, which was passed in March, offered $600 in weekly benefits until July. After this, Trump came up with an executive order to give $300 in federal unemployment benefits.
Biden, in his plan, has also talked about boosting social security benefits. The CARES Act and more recent stimulus proposals have been silent on it. As per Biden’s plan, the Social Security recipients would get $200 more to help them survive the coronavirus pandemic.
Biden’s plan also talks about extending the forbearance on federal student loans. However, it is silent on whether or not he will forgive those loans altogether. The CARES Act suspended federal student loan payments, and Trump later extended the forbearance until the end of 2020. Biden could be expected to further extend the forbearance, at least until the first half of 2021.
When to expect next stimulus package?
Even though Biden’s stance on the stimulus package is mostly laid out, a key question is when the new package would actually come, if at all. America does need another stimulus package quickly with the coronavirus pandemic raging on and the economic situation worsening. However, the new president and new Congress officials won’t be sworn in until Jan. 20, 2021.
There are chances that the Congress and Trump administration may reach an agreement before that. Experts, however, believe such a thing is unlikely. This is because the Trump campaign is expected to pursue legal battles alleging widespread voter fraud in the election. If this happens, Trump could be kept busy with these legal battles rather than focusing on the stimulus package.
So, in such a case, the stimulus package could come early next year. Moreover, despite Biden winning the presidency, there are doubts if Democrats and Biden could get a bigger stimulus package approved in the Senate.