President Joe Biden announced a $1.9 trillion stimulus plan meant to keep the U.S. economy going until the pandemic is brought under control.
The relief package includes $70 billion for COVID-19 testing and to help with vaccine distribution across the country.
Leading up the the election, Biden was touting money for infrastructure so many contractors and workers are asking, what is in this package, and what is allocated for construction? The most notable is Biden's "Build Back Better" recovery plan.
This plan is expected to follow the American Rescue Plan in February. It's a proposal that would fund billions of dollars of infrastructure work, federal construction projects, investing in clean energy initiatives and more.
"It’s time to stop talking about infrastructure and finally start building it. Millions of good-paying jobs that put Americans to work rebuilding our roads, bridges, and ports to make them more climate resilient, to make it faster, cheaper, and cleaner to transport American-made goods across our country and around the world," Biden said in his speech.
Here's a look at other areas expected to get help in the stimulus.
- $20 billion in federal aid to develop a widespread COVID-19 vaccination distribution plan, which will include a strategy for pushing a vaccine plan out to state and local municipalities
- $350 billion in emergency funding for state and local governments
- $15 billion for small businesses
- $130 billion to K-12 schools (some funding for construction projects is eligible)
- Seed money amounting to as much as $175 billion to fund low-interest business loans
- $50 billion for COVID-19 testing aid
- The federal minimum wage will be increased to $15 per hour
- Biden proposes direct stimulus payments of $1,400 to most Americans
- The federal, per-week unemployment benefit will also be increased to $400 and extended through the end of September
