Incoming President Joe Biden will unveil a new economic stimulus package on Thursday, Jan. 14. The economic plan is expected to total nearly $2 trillion to provide relief for Americans as the nationwide vaccination effort continues to roll out.
As part of the American Rescue Plan proposal, eligible Americans would receive direct payments of $1,400, in addition to the $600 that Congress approved in December 2020. This would bring the total economic stimulus payments to $2,000.
The $600 payments are based on income. Those earning less than $75,000 per year will receive $600, in addition to married couples who file jointly and make less than $150,000. However, the amount decreases as additional income is added.
As part of the bill, Biden is also seeking to raise the federal minimum wage to $15 per hour.
Biden would also expand unemployment benefits, by increasing benefits to $400 per week and expanding the program through September 2021. The plan would also extend eviction and foreclosure protections through the same time period.
This stimulus package will also address small businesses and communities, providing $15 billion for small business grants, as well as $350 billion for emergency funding to be sent to state and local governments. Tribal governments will also receive emergency funding of $20 billion.
According to the Washington Post, the Biden stimulus package will allocate $400 billion to pandemic response, $1 trillion to direct economic relief, and $440 billion for relief for communities and small businesses.
CNBC reports that this is the first of two major economic relief packages that Biden has planned. According to the report, the second bill is expected to be announced in February and tackle job creation, infrastructure, racial equity and more.
Photo credit: Gage Skidmore. Courtesy of Wikimedia Commons