Stimulus update: Here’s five ways you could get more money in Biden’s next two relief bills
PRESIDENT Biden’s next stimulus bill could put thousands of dollars in the pockets of Americans.
On May 5, the IRS sent out its third round of stimulus checks, distributing over $2billion to over 1.1 million Americans.
If you’re wondering where your stimulus check is, check out the IRS’ newly created stimulus tracking tool.
Even if you haven’t gotten a check, you could still receive money through the Biden’s proposed American Families Plan.
Biden is at work on two new stimulus bills, the American Jobs Plan and the American Families Plan.
While the American Jobs Plan will focus primarily on infrastructure spending, the American Families Plan would allocate $1 trillion in spending and $500 billion in tax credits to new programs and benefits.
In a joint address to Congress on April 29, Biden called the American Families Plan “a once-in-a-generation investment in our families and our children.”
The details of the legislation have yet to be confirmed, and could change significantly as Biden seeks congressional approval.
Although Biden has not yet voiced support for recurring payments, he has announced other planned provisions to the bill that would lend financial help to American families.
The proposed bill would provide support in the form of child tax credits, federally funded education and childcare, and paid family and medical leave.
Here are five ways you could be sent more money:
Student Loan Forgiveness
Student debt grew by more than 100% in the last decade, reaching $1.7 trillion at the end of 2020.
Biden has voiced support for forgiving $10,000 in graduate or undergraduate student debt since his presidential campaign.
The pause on student loan payments was extended three times during the Pandemic, first by Former President Trump and then by Biden in an executive order signed in January.
Democratic Senators Elizabeth Warren and Chuck Schumer have both called for student loan forgiveness of five times that amount.
At a town hall in February, Biden rejected the Senators’ proposed increase, saying, “I’m prepared to write off $10,000 debt, but not 50.”
A new Change.org petition with over 1 million signatures is urging Biden to cancel all student debt through an executive order.
Expanded Child Tax Credit
The passage of the American Rescue Plan expanded the Child Tax Credit for the next fiscal year.
Single parents earning under $75,000 and married couples earning under $150,000 are eligible for this year’s tax credit.
Claimants will receive $3,000 for children over five and $3,600 for children five and under.
If it is included, the new stimulus bill would extend the Child Tax Credit to 2025.
Paid Medical and Family Leave
If you plan to take family or medical leave from your job, you could be eligible for compensation.
Biden has proposed a measure to pay for time off from work to care for children and sick family members, heal from an illness, or recover from psychological trauma, according to a White House fact sheet.
The program would give workers taking leave up to $4,000 monthly, and would replace at least two thirds of weekly wages.
Ten years after implementation, it would also guarantee 12 weeks of paid family or medical leave.
Democratic lawmakers Kirsten Gillibrand and Rosa DeLauro are behind the push for the program, and have introduced a similar plan every year since 2013.
Free Community College
If you plan to enroll in a two year community college, the government could pay the cost of your degree.
The program would allocate $109 billion in total that students would be able to access for up to four years.
In addition to recent high school graduates, workers interested in going back to school and DACA recipients would also be eligible.
The program would also include an increase of up to $1,400 in Pell Grants for low income students.
Fourth Stimulus Check
Although the Biden administration has not confirmed it will send out more checks directly into Americans’ bank accounts, a fourth stimulus check remains a possibility.
At a May 4 press briefing, White House Press Secretary Jen Psaki said of the prospect of additional payments, “We’ll see what members of Congress propose, but those are not free.”
Most read in News
Despite hesitancy from the White House, the call for more direct checks is picking up steam.
A Change.org petition urging Biden to include monthly recurring checks of $2,000 in the plan is now backed by 75 lawmakers.
“I’m calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis,” wrote Stephanie Bonin, the Denver-based restaurant owner who started the petition.