President Joe Biden recently outlined his American Rescue Plan for economic relief from the coronavirus — citing the need for a more robust vaccination plan, as well as additional direct payments to American families to aid in the recovery effort of the U.S. economy.
“The very health of our nation is at stake. The stimulus relief does not come cheaply, but failure to do so will cost us dearly.”President Joe Biden
The $1.9 trillion stimulus package includes:
- Up to $1,400 in direct economic impact payments to Americans — resulting in a total of $2,000 including the $600 checks Congress passed late last year.
- An unemployment insurance supplement of $400 per week extended through September 30th — an increase from the current $300 supplement set to expire on March 14th.
- A renewal of paid sick, and family and medical leave benefits through September 30th.
- Approximately $440 billion allocated for communities, including $350 billion in emergency funding for state and local governments. Additionally, $170 billion would be allocated for education, including $130 billion for K-12 schools to reopen, and approximately $40 billion for colleges.
- $160 billion in funding for public health measures, including $20 billion for a national vaccination program, $50 billion for COVID-19 testing and $40 billion for medical supplies.
- Additional proposals include increasing the federal minimum wage to $15 from $7.25 per hour, with an extension of eviction and foreclosure moratoriums through September 30th.
Now inaugurated, President Biden hopes these relief options will help stabilize the U.S. economy and reopen several sectors that have had to shutter in full or in part as result of the virus. The President views the package as a first step in his administration’s coronavirus plan and is expected to outline a recovery plan next month.
The Creative Benefits, Inc. Team will continue to monitor developments and provide updates regarding how the stimulus package will impact organizations and the healthcare industry.
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