President-elect Biden recently announced a $1.9 trillion package to get our nation out of the COVID crisis. In addition to a vaccine roll out plan, he proposes to provide direct payments to Americans and bolster state and local government. This is expected to be the first of two legislative initiatives the incoming administration wants Congress to approve in the coming weeks. The second proposal is anticipated to be released in February and will focus on recovering from the pandemic with funding for addressing climate change through job development and infrastructure as well as addressing the health care workforce.
- The plan would provide $25 billion in rental assistance for low- and moderate-income households who have lost jobs during the pandemic. That’s in addition to the $25 billion appropriated in December as part of the Consolidated Appropriations Act of 2021 (NY will receive $1.3B out of the first $25B).
- Another $5 billion for utility payments for renters.
- $5 billion to help states and localities assist those at risk of experiencing homelessness.
- The plan would extend the federal eviction moratorium to September 30th. It is currently set to expire at the end of January (NY’s eviction moratorium was recently extended to May by Governor Cuomo).
- The period to apply for forbearance for federally-guaranteed mortgages would also be extended until September 30.
There is already pushback from Senate Republicans on the size of this package which will require bipartisan support.