$1,400 stimulus check, an extra $400 for unemployment and an increase in the minimum wage are the keys to Biden’s plan
Although what is most striking about the economic plan announced by the president-elect Joe Biden this Thursday are stimulus checks of $1,400 dollars, the proposal includes several additional measures to alleviate the coronavirus crisis, such as an increase of $400 in unemployment per week until September.
plan in two parts
The initiative, valued at some $1.9 billion, would consist of two parts or “steps”.
In the first phase, called the “American Rescue Plan”, the “direct financial assistance and relief to Americans” stands out precisely through new direct transfers that would complement the second check of at least $600 that the government began to send. Internal Revenue Service (IRS) in conjunction with the Treasury Department at the end of December.
The second step under his Administration, called the “Recovery Plan,” will be presented in February during a joint session of Congress and focuses on investments such as infrastructure and clean energy.
‘”It’s not hard to see that we’re in the midst of a once-in-a-generation economic crisis, with a once-in-a-generation health crisis,” Biden declared in an address to the country last night.
“There is no time to lose, we have to act and act now,” argued the Democratic leader who will take office on January 20.
$1,400 check and $400 per week for unemployment
One of the issues that has been playing for weeks is the third stimulus check for $1,400 dollars to reach a minimum of $2,000, adding the $600 approved under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.
The expectation is that the distribution of a third payment, in the event that legislation is passed in both the Chamber and the Senate, follows the same guidelines for the second that is still being processed by government authorities.
The law currently in force provides that singles who earn $87,000 dollars a year or less are eligible to receive financial aid; while in the case of couples filing jointly, they must generate no more than $150,000.
Another part of the proposal is the incentive of $400 per week for unemployment until September.
The extension approved under the Supplementary Assignments Law is $300 per week until March.
Biden’s plan also includes an investment of $170 billion in schools and higher education institutions. The allocation seeks to ensure that schools can safely reopen despite the pandemic.
Increasing the federal minimum wage to $15 per hour
Additionally, the project plans to increase the federal minimum wage to $15 dollars per hour and allocates $350.00 million dollars in emergency funds for state and local governments, according to the Efe news agency. It would also expand paid leave for workers.
Moratorium on evictions
The Democrat’s proposal would also establish a moratorium on evictions and foreclosures through September.
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