Here’s What’s In Biden’s $1.9 Trillion Economic Rescue Package

Democratic presidential nominee and former Vice President Joe Biden delivers remarks on Covid-19 at The Queen theater on October 23, 2020 in Wilmington, Delaware. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

Now the Democrats control both the chamber and the White House, President-elect Joe Biden is pulling out all the stops in his new American Rescue Plan.

Bigger aid for the unemployed, hungry and those looking at eviction. More support for small businesses, states and local government. Those are just some of the benefits from the $1.9 trillion proposal Biden unveiled Thursday evening.

On top of controlling the coronavirus pandemic, he plans to lay out an economic recovery plan in coming weeks that aims to create jobs and combat the climate crisis.

Here’s what the plan also includes.

Bigger stimulus payments

Biden plans to send another $1,400 per person to eligible recipients. This would add to the $600 payments that were approved by Congress in December. 

Help for the Hungry

The plan would extend the 15% increase in food stamp benefits through September. It was scheduled to expire in June. Biden would invest another $3 billion to help women, infants and children gain food. It would give US territories $1 billion in nutrition assistance. 

A Temporary Increase of Tax Credits 

The President-elect wants to boost the Child Tax Credit to $3,600 for children under age 6 and $3,000 for those between ages 6 and 17 for a year. It would be made fully refundable.

He also proposes to raise the maximum Earned Income Tax Credit for a year to close to $1,500 for childless adults and increase the income limit for the credit to about $21,000.

Presidential candidate Joe Biden speaks during a campaign rally at Sparks High School in Sparks, Nevada on Friday, Jan. 10, 2020 in Sacramento.

More Aid for Small Businesses

The plan would provide $15 billion to create a new grant program for small business owners. 
It also proposes making a $35 billion investment in some “state, local, tribal, and non-profit financing programs that make low-interest loans and provide venture capital to entrepreneurs.”

Support for vaccines and testing

Perhaps most important of all, Biden plans to invest $20 billion in a national vaccination program, launching community vaccination centres around the country. He would also increase federal support to vaccinate Medicaid enrollees.

The proposal would also invest $50 billion in testing, “providing funds to purchase rapid tests, expand lab capacity and help schools implement regular testing to support reopening.”

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