Joe Biden Releases Robust Covid-19 Relief Package

Amid a resurgent pandemic, a collapsing economy, and a country reeling from a domestic terrorist attack, President-Elect Joe Biden a major $1.9 trillion Covid-19 economic relief/stimulus package. The package includes over $400 billion to combat Covid-19 directly, including funds to accelerate vaccine deployment and testing. Another $350 billion would help state and local governments bridge budget gaps. The plan would also include $1,400 direct payments to individuals, more generous unemployment benefits, federally mandated paid leave for workers and large subsidies for childcare costs.

The highlights of the plan are:

Covid-19:

• $160 billion for national vaccination program
• $50 billion to expand testing
• 100,000 public health jobs for contact tracing and vaccine education
• $170 billion for schools
• $35 billion for public colleges
  • Community colleges
  • HBCUs
  • MSIs

Small business and communities:

• $15 billion for hardest hit small businesses
• Leverage $35 billion for additional small business lending
• $20 billion for hard hit public transit agencies
• $9 billion for investment in new IT and cybersecurity systems

Individuals:

• $1,400 stimulus checks
• $3,000 tax credit per child
  • $3,600 per child under six
• $15 per hour federal minimum wage
  • End tipped minimum wage
• Increase unemployment insurance $100 a week to $400
• End Covid-19 related evictions
  • $30 billion in additional rental assistance funding
• $25 billion for childcare centers
• Expand 14 plus weeks of:
  • Paid leave
  • Family leave
  • Medical leave

Remember, this is just a proposal. Although Democrats control both houses of Congress, they are slim leads and, in the Senate, the Biden Administration will need some bi-partisan support. Some of these initiatives are probably dead or at least delayed upon arrival. That said, the sooner (and more robust) the Covid-19 related initiatives the better. The economy will not be able to rebound until the pandemic is under control. For the time being, small business owners in need of aid, PPP and EIDL have re-opened.

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