This story is part of , CNET’s coverage of the run-up to voting in November.
is today. President Donald Trump’s administration has paused over a that would provide much-needed funds for those affected by the . Trump said Friday a relief package will come soon.
“After the election, we’ll get the best stimulus package you’ve ever seen,” Trump said Oct. 27 in a press briefing, indicating that he would be re-elected. If the results don’t go that way, Trump isn’t the only one with a plan. His opponent, Democratic nominee and former Vice President Joe Biden, also has a vision for economic stimulus.
On his website, Biden lays out his Emergency Action Plan to Save the Economy, which is a rundown of what he would do if he were the president right now. Although it’s a speculative overview, the document provides insight on Biden’s policy if he’s elected president before a new stimulus bill passes.
It includes some elements we saw in the more unemployment benefits. Biden’s plan also envisions new measures to provide additional financial help. Here’s what’s in it., such as for and
More stimulus checks for individuals and families
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 an over 160 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.
Boost and renew unemployment benefits
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 President 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.
Increase Social Security payments
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.
Forgive student loans
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.
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 .