The $1.9 trillion relief which was approved in March is only one part of a massive plan to lower poverty and help the US economy as it gets out of the pandemic.
The effort started with the American Rescue Plan and its check of $1,400 per person and runs through seven child credit payments and monthly $300 checks for unemployed people.
But Biden is also working on two more stimulus proposals for 2021 that would put more money directly into the pockets of some people. Are you one of them? Keep reading to find out.
How you could benefit
While this stimulus is still months away from approval, here are some of the main areas already being discussed in the plan, which is being called the American Families Plan:
Expand the child tax credit to 2025: The temporary child tax credit expansion is expected to lower child poverty by almost 45%. The expansion of the program will expire this year, unless Congress renews it. Biden’s plan would extend this to 2025.
Free college: Biden’s plan would pay for the first two years of community college, for both adult students and new high school grads. Training programs other than community colleges would also be paid for.
Free prekindergarten: The plan is expected to give free pre-K education for 3- and 4-year-olds.
Paid medical and family leave: Biden is expected to push broader support for 12 weeks of paid leave.
The second and third parts of Biden’s stimulus plans are also still being discussed, but what is being proposed thus far could either let you keep your money or send you brand new checks.
Student loan forgiveness of up to $50,000: With student loan debt getting to $1.7 trillion, higher than credit cards or auto loans, Biden has called for canceling $10,000 in debt per student and has ordered Education Secretary Miguel Cardona to investigate if he has the ability to cancel student debt.
Fourth stimulus check(s): The IRS is still sending out one-time payments for the third stimulus. But before Biden even passed the American Rescue Plan bill, Congress was calling for him to include a fourth payment in the next relief plan.
Minimum wage increase to $15: The initial effort by President Biden and members of Congress to increase the minimum wage to $15 an hour failed in March. The next time around, it could succeed.
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