This story is part of , CNET’s coverage of the voting in November and its aftermath.
With coronavirus cases continuing to surge across the US, breaking yet another record high in new infections, progress remains at a standstill on . On Saturday, President Donald Trump tweeted support for a that is both large and focused, a seeming contradiction. With Republicans and Democrats at odds (the House of Representatives returns to Washington on Monday), the timing of a new stimulus bill before President-elect Joe Biden‘s is still up in the air.
“One of the urgent things that need to be done is people need relief right now,” Biden said Nov. 10, Business Insider reported, stressing that his plans won’t take effect until his swearing-in.
Below, we examine everything Biden may be planning, whether new stimulus aid passes before the end of 2020.
Another round of 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.
Extra Social Security money per month
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.
Forgiveness for 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,
More measures besides
Biden’s plan would also include:
- 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 .