Joe Biden Launches USD 1.9 trillion Relief Package

US President-elect Joe Biden has recently announced a coronavirus relief package worth USD 1.9 trillion. The aim of the relief package is to tackle and address the economic loss due to COVID-19.

Key Points

  • This USD 1.9 trillion relief package includes direct financial aid to average Americans and support to businesses.
  • The relief package will provide a push to the vaccination programme of the country as well.
  • The COVID-19 relief package includes more than USD 1 trillion in direct financial aid to individuals and families, USD 415 billion to combat the pandemic, and USD 440 billion to support businesses.
  • The package also includes additional stimulus of USD 1,400 to Americans, increased weekly additional unemployment assistance (increased from USD 300 to USD 400), an extension for major unemployment programmes from mid-March to the end of September, and increasing the federal minimum wage to USD 15 per hour overtime.
  • Biden has also proposed to set aside USD 50 billion to scale up coronavirus testing and USD 20 billion for a national vaccination programme.
  • The US is the most affected country in the world from COVID-19. Around 400,000 people in the country have lost their lives due to the pandemic.

Biden will swear in as the 46th President of the US on January 20, 2021. Before this, the outgoing President Donald Trump also signed a USD 900 billion COVID-19 relief bill in December 2020.