President-elect Joe Biden on Thursday unveiled the details of a $1.9 trillion Coronavirus rescue package designed to support households and businesses through the pandemic. Here’s what Biden calls for:
- Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments
- Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September
- $350 billion in state and local government aid
- $170 billion for K-12 schools and institutions of higher education
- $20 billion toward a national vaccine program in partnership with states, localities and tribes
- Making the Child Tax Credit fully refundable for the year and increasing the credit to $3,000 per child ($3,600 for a child under age 6).
Biden acknowledged the ambition and the cost of his plan, but he argued that the bold investments will pay dividends for the nation, CNBC Reported.