Days before he moves to the White House as the 46th President of the United States, Joe Biden presented a new $1.9 trillion COVID relief plan.
America Rescue Plan will give $1400 to individuals as stimulus payment on top of the $600 given each to the individual.
The plan also includes additions to unemployment benefits, a rise in the minimum wage, and expansion of the vaccine program.
Here are some of the initiatives under the proposed plan, to be approved by Congress.
- An increase in weekly unemployment benefits to $400 on top of state aid and the extension of benefits until September of 2021.
- $1400 stimulus payments in addition to the $600 to Americans, leading up to a total of $2000.
- Increasing the credit of the Child Tax Credit to $3000 for children above 6 years old and $3600 for children under the age of 6.
- Allowing the Child Tax Credit to be fully refundable for this year.
- Changing the federal minimum wage to be $15 per hour.
- Cooperating with states to allocate $20 billion towards a national vaccine program.
- Extending the suspension of foreclosures and evictions until after September 2021.
- Allocating $50 billion towards COVID-19 testing for Americans.
- Presenting $350 billion worth of aid to state and local governments.
- Aiding education institutions such as K-12 schools and higher educations at $170 billion.
Biden vowed to move heaven and earth to expand vaccination to contain the spread of the virus that has hurt the economic growth and left millions unemployed.
He said his plan will lift 12 million people out of poverty. He also struck a spirit of togetherness in reviving the American economy.
On Wednesday next, he said, America will begin a new chapter and pledged to fare better.
