You may have just received your third stimulus control as part of march American rescue plan, but President Joe Biden is already considering the next two stimulus proposals. Biden in a speech to Congress laid out his plans for how the United States will create jobs, reduce poverty, and put more money in people’s hands to lift the economy out of the pandemic. “We need to invest once in a generation in our families and our children,” Biden said, offering some details for the next two bills called the American Rescue Plan and the American Family Plan, – a generation investment in America itself. “

March $ 1.9 trillion stimulus bill was only the first step in the plan, with its stimulus controls until $ 1400 each, Seven child tax credit payments and monthly checks of $ 300 to fill out lost wages for the unemployed. The next two stimulus proposals for 2021 that Biden laid out in his speech would send more money directly to people and work to allow individuals and families to keep the money they already have. The next package – which Biden calls the US Jobs Plan – if approved, it would inject more than $ 2 trillion into the US economy and create jobs by focusing on critical infrastructure. The second, called the American Families Plan, according to the Washington Post, could set aside $ 1 trillion for individuals and families.

For now, the plans are just that, but we will follow its development. We will share all the benefits we know so far. Plus, here’s what to expect from the upgraded version child tax credit, what’s up with cancel student debt, How? ‘Or’ What claim the money your state has on yours and how the March stimulus bill can help you save money on health care costs.

When would Biden’s American Families Plan package arrive?

The US plan for families is still months away from approval. First, Biden and Congress are crafting the U.S. Jobs Plan, a $ 2 trillion plan to build and upgrade roads and transportation hubs, improve the electricity grid, fund EV car charging, expand affordable housing and provide broadband to more rural areas.

To our knowledge, the US jobs plan would not include fourth check or other obvious savings. It’s the next bill – the US plan for families – that could come one step closer to sending more money to individuals and families. Read on to find out how Biden and Congress plan to help you directly with the Third Stimulus Bill, as well as other proposals on the table.

How Bill Biden’s American Families Plan Could Benefit You

Once the Biden administration completes its infrastructure and jobs plan, it would seek $ 1 trillion in spending and $ 500 billion in new tax credits, according to the Washington Post, for the third stimulus package . Here are some of the main areas the American Families Plan could cover:

Extend the expanded child tax credit to 2025: The temporary expansion of child tax credit in March, the stimulus bill is expected to reduce child poverty by 45%, according to Columbia University‘s Center on Poverty and Social Policy, and lift nearly 5 million children out of poverty entirely. The short-term expansion of the program, however, is expected to expire this year, unless Congress renews the program. Biden’s plan would extend the child credit payments until 2025.

Now playing:
Check this out:

Child tax credit: how much do you get?

3:52

Two years of community college tuition-free: As a presidential candidate, Biden said he would work to make the first two years of college free. Biden’s plan would cover the first two years of community college, including adults and recent high school graduates. Training programs outside of community colleges would also be eligible. Students would still be responsible for certain expenses, such as textbooks.

Free preschool education: For another campaign commitment, the American Families Plan offers free pre-kindergarten education for children ages 3 and 4.

More affordable child care: Biden during his campaign said he would work to make child care more affordable for working families through tax credits and subsidies for child care costs. His new plan encompasses this campaign plan for child care.

Paid family and medical leave: Biden proposed broader support for 12 weeks of paid family and medical leave.

How else could Washington send you money?

Details of the second and third elements of Biden’s stimulus plans are still being worked out, but other proposals are already being discussed that could allow you to keep more of your money or send you money. new payments.

Student loan forgiveness of $ 10,000 or $ 50,000: With student loan debt hitting $ 1.7 trillion at the end of 2020 – with an average loan amount of $ 30,000 – student debt is higher than auto loans and credit cards, according to the group of non-partisan thinking Brookings Institution. Biden proposed cancellation of $ 10,000 in debt per student and asked Education Secretary Miguel Cardona to explore if he had the power to cancel student debt. Biden did not mention the debt cancellation in his speech.

Send a fourth stimulus check – or checks: The IRS still makes one-time payments for the third stimulus check as well as for those that do either having failed to pay or underestimated their payments. But even before Biden signed the US bailout bill in March, members of Congress asked Biden to include a fourth payment cycle in the next big bill.

Now playing:
Check this out:

Stimulus plus-up payments: what you need to know

2:58

Increase the minimum wage to $ 11 or $ 15 an hour: Biden and members of Congress’ first effort to raise the minimum wage to $ 15 an hour failed in March when the The Senate did not move forward a salary increase. Senate Majority Leader Chuck Schumer said Congress would continue to work for wage increases. “We are not going to give up the fight to raise the minimum wage to $ 15 to help millions of struggling American workers and their families,” he said in a statement. Biden again in his speech urged Congress to raise the minimum wage to $ 15 an hour.

For more ways to save money, here is everything else in the new stimulus bill includes to help you save money on health care and insurance. In addition, here is what to do if you have not yet received your stimulus check and how much money you can expect from expanded child tax credit.