President-elect Joe Biden has released the details of a proposed $1.9 trillion COVID-19 relief package aimed at supporting businesses and individuals impacted by the pandemic. Dubbed the American Rescue Plan, the package comes on the heels of the $900 billion pandemic relief bill signed into law by President Trump last month and is the first of two major spending initiatives senior Biden officials say the President-elect will seek in the first few months of his presidency.
What’s Included in the American Rescue Plan
The proposed plan calls for the following:
- $1,400 stimulus checks to most Americans, which is in addition to the $600 payments included in December’s pandemic relief bill
- $15 billion for a new grant program for small business owners
- Increasing federal unemployment benefits to $400 per week (from $300 per week) and extending through September 2021
- Increasing the federal minimum wage to $15 per hour
- $350 billion in aid to state and local governments
- Reinstating paid sick and family leave benefits that expired at the end of December through September 2021
- $25 billion in rental assistance for certain households who have lost their jobs during the pandemic
- Extending the eviction and foreclosure moratoriums until the end of September 2021
- $170 billion toward K-12 schools and higher education institutions
- $50 billion for COVID-19 testing
- $20 billion for a national vaccine program
- Increasing the Child Tax Credit to $3,000 per child ($3,600 for children under 6) and making the credit fully refundable for the year
Biden will officially unveil the plan during a speech Thursday night.
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