Late Thursday night, President-elect Joe Biden announced his economic plan to counter the down slide of the economy due to COVID-19.
Biden’s “American Rescue Plan” is headlined by $1,400 stimulus checks, which in conjecture with December’s $600 will add up to $2,000, instead of full $2,000 checks that Democrats had sat on as a campaign promise.
Also, the bill calls for a increase of the federal minimum wage to $15 an hour.
Here are the full details of the bill.
Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments
Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September
Increasing the federal minimum wage to $15 per hour
Extending the eviction and foreclosure moratoriums until the end of September
$350 billion in state and local government aid
$170 billion for K-12 schools and institutions of higher education
$50 billion toward Covid-19 testing
$20 billion toward a national vaccine program in partnership with states, localities and tribes
Making the Child Tax Credit fully refundable for the year and increasing the credit to $3,000 per child ($3,600 for a child under age 6)