Jay Somaney U.S. President-elect Joe Biden released the details of a $1.9T COVID-19 relief package desiged to support households and businesses through the pandemic, CNBC's Thomas Franck reports. The proposal, known as the American Rescue Plan, includes direct payments of $1,400 to most Americans; increasing the federal unemployment benefit to $400 per week and extending it through the end of September; boosting the federal minimum wage to $15 per hour; extending the eviction and foreclosure moratoriums until the end of September; $350B in state and local government assistance, $170B for K-12 schools and higher education institutions; $50B towards COVID-19 testing; $20B towards a national vaccine program in partnership with states, localities, and tribes; making the Child Tax Credit fully refundable for the year and increase the credit to $3,000 per child, Franck says. The second bill, anticipated in February, will tackle Biden's broader goals of creating jobs, improving infrastructure, combatting climate change, and advancing racial equity, the author notes.
Jan 14, 2021 @ 05:14PM