Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

The Ascent Logo The Ascent Logo - Blue circle with an A in it and the ascent a motley fool company to the right of that

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of January 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of January 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for January 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of January 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for January 2021.

Get Started!

Loans

Top Picks
  • Best Loans of January 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of January 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • 3 Ways to Get the Best Possible Mortgage Rate

    Mortgages

    3 Ways to Get the Best Possible Mortgage Rate
  • Forget Holiday Debt -- This Should Be Your Top Financial Priority Right Now

    Personal Finance

    Forget Holiday Debt -- This Should Be Your Top Financial Priority Right Now
  • Mortgage Application Rejected in 2020? How to Get Approved in 2021

    Mortgages

    Mortgage Application Rejected in 2020? How to Get Approved in 2021
  • 10 Key Features to Look for in a Bank

    Banks

    10 Key Features to Look for in a Bank
  • The Ascent
  • Knowledge
  • Personal Finance

Biden to Reveal High-Priced Stimulus Plan This Week With $2,000 Checks

by Christy Bieber | Jan. 11, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

$20 bills fanned out behind the U.S. Capitol building.

Image source: Getty Images

Here's what the Biden administration has planned for coronavirus stimulus.

Just a short time ago, in late December, lawmakers passed a $900 billion coronavirus relief bill that expanded unemployment benefits and provided $600 checks for most Americans. While Democrats signed onto the bill after months of wrangling to find a compromise with Republicans, many on the left voiced strong concerns that it wasn't enough to help see people through these troubled times.

With President-elect Joe Biden set to take office shortly and with Democrats winning control of the U.S. Senate, it's almost certain more coronavirus stimulus aid will be a top priority. In fact, Biden indicated he plans to lay out his proposed aid package in detail this week -- and that it will include $2,000 stimulus checks.

Here's what's likely to be in Biden's stimulus plan

Biden has given several clues as to what might be included in his proposed stimulus plan, although he was short on specifics when discussing it at a recent press conference.

The president-elect's proposal will be far larger than the recent stimulus package, with Biden indicating the legislation is likely to cost trillions of dollars. “The price tag will be high," he said. He went on to justify the need for more relief by commenting that "The overwhelming consensus among leading economists left, right, and center is that in order to keep the economy from collapsing this year, getting much, much worse, we should be investing significant amounts of money right now."

The trillions of dollars that may be spent on the new bill are expected to be allocated to $2,000 stimulus checks, which Biden made a campaign issue when Democrats were aiming to win Senate control in two runoff contests in Georgia this January.

Biden's bill is also likely to include:

  • Extended and expanded unemployment benefits. These are likely to go beyond the extra $300 per weekly benefits provided by the recent $900 billion bill to provide more money for the jobless.
  • Aid to state and local governments. Money will probably be earmarked to help states cope with huge coronavirus-related expenses and a decline in revenue. This was left out of the last bill because many on the right strongly object to it as a "blue state bailout."
  • Money for vaccine distribution and schools. The last relief bill also addressed these priorities, but Biden's will likely provide more funding.
  • Rent forbearance. Eviction protections were included in the last bill as well, but the next relief package may provide even more assistance.
  • Help for small businesses. While the last bill offered a renewal of the Paycheck Protection Program, Biden's plans may go even further and are expected to focus on helping companies in low-income communities.

Biden is expected to provide more details this week, and the administration has already begun talks with Democrats on a proposed bill in hopes of quickly moving a relief package to Congress for a vote.

However, any legislation will need 60 votes in the Senate to pass, while the Democrats hold just 50 of the 100 seats. Vice President-elect Kamala Harris will cast the tie-breaking vote in the event of an even split. It's possible that Democrats will be able to use a procedure called reconciliation to pass their coronavirus relief plan with a bare majority of 51. But they can't afford any defections from the Democrats if they hope to do that as they're unlikely to win much Republican support for a multi-trillion plan that includes some of the Democrats' key policy priorities.

Americans who are hoping for more money in their bank accounts should watch for news of Biden's proposal carefully, and when it is released, can share their feelings on the plan by contacting their members of Congress.

Our credit card expert uses the card we reveal below, and it could earn you $1,148 (seriously)

As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases into 2022, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

About the Author

Christy Bieber
Christy Bieber icon-button-linkedin-2x

Christy Bieber is a personal finance and legal writer with more than a decade of experience. Her work has been featured on major outlets including MSN Money, CNBC, and USA Today.

Share This Page
Blue Facebook Icon Share this website with Facebook
Blue Twitter Icon Share this website with Twitter
Blue LinkedIn Icon Share this website with LinkedIn
Blue Mail Icon Share this website by email

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Related Articles

Piggy bank and cash stacks image for How to Pay Off Debt

How to Pay Off Debt

Change on a desk image for How to Build Your Credit

How to Build Your Credit

A finger pointing to a Credit Rating scoring system on a screen with one through five star options. image for The Ascent's Definitive Credit Score Guide

The Ascent's Definitive Credit Score Guide

Pay Off Debt image for What Is Bankruptcy and How Does It Work?

What Is Bankruptcy and How Does It Work?

Featured Articles

How to Pay Off Debt

How to Build Your Credit

The Ascent's Definitive Credit Score Guide

What Is Bankruptcy and How Does It Work?


We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool