President-Elect Joe Biden has released his administrations new economic agenda a few days after being projected as the winner of the 2020 election. His action plan includes earlier Democrat stimulus provisions around addition economic impact payments (a.k.a stimulus checks) and extended unemployment benefits. There is still however considerable uncertainty and lots of hoops to jump through before any of these gets passed into law, but here are Biden’s key proposals.
2021 Stimulus Checks
Biden supports a $1,200 per person ($2400 for couples) stimulus check in line with the already House passed HEROES act.
Extra Social Security Payments
Biden is proposing to increase monthly Social Security checks by $200/month for seniors and people with disabilities
Unemployment Benefit Insurance Extensions and Extra Payments
While not explicit in the Biden plan, there are provisions for extending COVID related enhanced unemployment benefit programs like Pandemic Unemployment Assistance (PUA) and supplementary unemployment benefits (likely $300 to $400 weekly).
A Biden administration would also maximize work-sharing, a form of “employment insurance” to keep more workers on the job by subsidizing employers to keep employee’s on their payroll.
Student Loan Forgiveness
Forgive a minimum of $10,000 per person of federal student loans of offset impacts of COVID related economic losses to impacted students and their families
This article was updated on November 18