This story is part of , CNET’s coverage of the run-up to voting in November.
After a nail-biter presidential race, President-elect Joe BidenSaturday night. While his term won’t start until after the inauguration on Jan. 20, Biden said that on Monday he will meet with “a group of leading scientists and experts as transition advisors” to roadmap his plans and policies to fight the coronavirus ahead of taking office on Jan. 20.
“Our work begins with getting COVID under control. We cannot restore the economy… until we get it under control,” Biden said Saturday night during his speech.
By Friday, the US broke another record, with 132,700 new COVID-19 cases that day, and four consecutive days of more than 1,000 deaths related to the coronavirus.
“More than 20 million are on unemployment. Millions are Biden said Thursday. Our economic plan will put a focus on a path to a strong recovery.”and putting food on the table,”
Part of Biden’s vision includes Emergency Action Plan to Save the Economy, a document that provides insight on the direction he may lean once he takes office. The route to passing another stimulus package before and after the inauguration is projected to be .. As part of his campaign, Biden created the
Biden’s initial plan — which we sum up below — features some elements from the more unemployment benefits, and envisions new measures to provide additional financial help. Here’s what’s in it., such as for and
Yes, a second stimulus check would make the cut
The CARES Act was the first stimulus package intended to help those financially affected by the pandemic. One of the most popular aspects of the act was the up to sent out to more than160 million Americans. It caused a jump in .
Biden’s plan, like the one 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, and the results of the could play a role on the timing of a deal.
More unemployment benefits for workers
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 so suddenly, the CARES Act provided a weekly bonus payment of $600 to go on top of the unemployment benefits provided by the states. These extra funds , and Trump restarted the bonus in August . This temporary relief provided and has since been exhausted with only a new stimulus package capable of providing more funds. (Here’s .)
Biden’s plan does not go into specifics on how much funding would be available. It does say that a bill would boost unemployment benefits.
Bigger Social Security checks
There were no measures to Social Security in the CARES Act or other relief packages since then. Biden’s stimulus plan calls for an additional $200 added to the monthly payments to Social Security recipients.
Federal student loan forgiveness
Included in the CARES Act was a forbearance for student loans. Those 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.
Back in August, Trump extended the forbearance until the end of 2020. Biden’s plan goes a different direction by offering a loan forgiveness of a $10,000 minimum. Sen. Elizabeth Warren, a Democrat from Massachusetts, outlined a plan to forgive the federal student loan debt back in September.
Other measures included in the plan
Biden’s action plan also includes additional reliefs such as:
- 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 current stimulus package situation, read, why you might and all the reasons .