This story is part of , CNET’s coverage of the voting in November and its aftermath.
President-elect Joe Biden won’t be sworn into office until , but he’s already addressing the and the country’s economic recovery. He to help prevent the spread of the virus, which continues to break its record number of new daily infections, reaching 150,000 new cases on Thursday.
Biden’s economic plans also include containing the coronavirus and extending for out-of-work Americans. Even before the elections, Biden developed the Emergency Action Plan to Save the Economy to explain the direction he may take once he’s in office.
Here’s what may be on Biden’s mind.
Biden would send more stimulus checks
The, passed in March, was the first stimulus package intended to help people financially affected by the pandemic. One of the most popular aspects of the act was a sent out to more than 160 million Americans. That direct aid caused a jump in .
Biden’s plan, like the one President Donald Trump is backing, will include, but it doesn’t specify how many or for how much, or . Democrats and Republicans are currently negotiating for that would include , but the clock is ticking to get a bill passed.
Unemployment benefits would get extended
COVID-19 lockdowns across cities led to an unprecedented spike in unemployment, with more than 20 million people having lost their jobs back in May. To help those unemployed suddenly, the CARES Act provided a weekly bonus payment of $600 on top of unemployment benefits provided by the states. These extra funds , and Trump restarted a smaller version of the bonus in August . This temporary relief provided and has since been exhausted; only a new stimulus package would provide more funds. (Here’s .)
Biden’s plan doesn’t go into specifics about how much funding may be available. It does say a bill would improve unemployment benefits.
Larger Social Security checks
There were no measures to boost Social Security in the CARES Act or in other relief packages since then. Biden’s stimulus plan calls for an additional $200 to be added to the monthly payments that go to Social Security recipients.
Forgive federal student loan debt
Included in the CARES Act was a forbearance for student loans. Individuals who owed money wouldn’t need to make payments or see any interest accrue until “the end of September,” according to Biden’s stimulus vision. If implemented in the future, there would, of course, be a different cutoff date.
Back in August, outlined a plan to forgive the federal student loan debt back in September.. Biden’s plan goes a different direction by offering a loan forgiveness of a $10,000 minimum. Sen. Elizabeth Warren of Massachusetts, a Democrat and former presidential candidate,
Other measures mentioned in Biden’s plan
Biden’s plan also includes additional relief:
- More money for small businesses
- Emergency sick leave for everyone who needs it
- Fiscal relief for states
- No out-of-pocket money for COVID-19 testing, treatment and an eventual
For more information on the stimulus package situation, read, why you might and all the reasons .