Quick Summary of Biden’s Proposed Covid Relief Package
Total proposed cost = $1.9 trillion
· Direct payments of $1400 on top of the $600
· UI supplement increased from $300 to $400 per week, and help for unemployed families paying for their COBRA premiums to retain their private health insurance offered by their employer or paying for individual private insurance through the Exchanges by capping their share at 8.5% of incomes
· Minimum wage of $15 per hour
· Extend eviction and foreclosure moratorium to the end of September
· $350 billion in state and local government assistance, which seems to add another $90 billion for grants and loans to small businesses
· $170 billion for schools (K-12 and higher education). About $130 billion is dedicated to reopening most K-8 schools during the first 100 days
· $50 billion for Covid Testing and $40 billion for protective gear and supplies, improving supply manufacturing and deploying emergency personnel
· $20 billion for distribution of Covid vaccines in partnerships with state, local and tribal governments
· Increase the child tax credit to $4000 per child and make it refundable and renew the paid sick and family leave provisions for families dealing with Covid illnesses and closed schools and child care centers due to Covid