On Wednesday, the Biden administration announced a new economic stimulus plan that will provide relief to millions of Americans struggling with the economic fallout of the COVID-19 pandemic. The plan includes direct payments of up to $1,400 for individuals, an extension of unemployment benefits, and an increase in the federal minimum wage to $15 an hour.
The direct payments of up to $1,400 will be available to individuals earning up to $75,000 a year and couples earning up to $150,000 a year. The payments will be phased out for those earning more than those amounts. The plan also includes an extension of unemployment benefits, which will provide an additional $400 a week for those who are unemployed due to the pandemic.
The plan also includes an increase in the federal minimum wage to $15 an hour. This would be the first increase in the federal minimum wage since 2009. The increase would be phased in over five years, with the first increase taking effect in 2021.
The plan also includes additional funding for small businesses, including $50 billion for the Paycheck Protection Program, which provides loans to small businesses to help them keep their employees on the payroll. The plan also includes $25 billion for a new grant program to help small businesses with their rent and other expenses.
The plan also includes additional funding for state and local governments, which have been hit hard by the pandemic. The plan includes $350 billion in aid to state and local governments, which will help them pay for essential services such as education, health care, and public safety.
The plan also includes additional funding for vaccine distribution, testing, and contact tracing. The plan includes $20 billion for vaccine distribution, $50 billion for testing, and $50 billion for contact tracing.
The plan is expected to be approved by Congress and signed into law by President Biden in the coming weeks. The plan is expected to provide much-needed relief to millions of Americans who have been struggling with the economic fallout of the pandemic.