This story is part of , CNET’s coverage of the run-up to voting in November.
After a nail-biter presidential race, President-elect Joe BidenSaturday night. While his term won’t start until after the inauguration on Jan. 20, Biden said that on Monday he will meet with “a group of leading scientists and experts as transition advisors” to start plotting out plans and policies to fight the coronavirus.
“Our work begins with getting COVID under control,” Biden said Saturday night during his speech. “We cannot restore the economy…until we get it under control,”
On Friday, the US broke another record, reporting 132,700 new COVID-19 cases. That marked the fourth consecutive day of more than 1,000 deaths related to the coronavirus.
“More than 20 million are on unemployment. Millions areand putting food on the table,” Biden said Thursday. “Our economic plan will put a focus on a path to a strong recovery.”
Part of Biden’s vision includes. As part of his campaign, he created the Emergency Action Plan to Save the Economy, a document that provides insight on the direction he may lean once he takes office. The route to passing another stimulus package before and after the inauguration is projected to be .
Biden’s initial plan — which we sum up below — features some elements from the, such as for and more unemployment benefits. It also envisions new measures to provide additional financial help. Here’s what’s in it.
Yes, a second stimulus check would make the cut
The CARES Act, passed in March, was the first stimulus package intended to help people financially affected by the pandemic. One of the most popular aspects of the act was a stimulus check of up tosent out to more than160 million Americans. That direct aid caused a jump in .
Biden’s plan, like the one President 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. The results of the could play a role on the timing of a deal.
More unemployment benefits for workers
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 suddenly, the CARES Act provided a weekly bonus payment of $600 on top of unemployment benefits provided by the states. These extra funds, and 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 doesn’t go into specifics on how much funding may be available. It does say a bill would boost unemployment benefits.
Bigger Social Security checks
There were no measures to boost Social Security in the CARES Act or in other relief packages since then. Biden’s stimulus plan calls for an additional $200 to be added to the monthly payments that go to Social Security recipients.
Federal student loan forgiveness
Included in the CARES Act was a forbearance for student loans. 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.
Other measures included in the plan
Biden’s plan also includes additional relief, including:
- 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 stimulus package situation, read, why you might and all the reasons .