The democratic party has been already in the favor of stimulus payment. Mr. President has already highlighted the support of women during the COVID-19 crisis. Mark Haefele, chief investment officer at UBS Global Wealth Management, said that the stimulus payments will be controversial as the Democrats are controlling the White House and the opposition (Republicans) the Senate. HEROS Act was introduced in April month, to support small business and market traders. It is to provide funding to the citizens of the USA. Biden introduces a plan to provide unemployment aid to the people which is ‘Build Back Better’. Biden also promises to help his people in becoming independent by supporting them in involving production and manufacturing, which will indirectly help in many job opportunities to unemployed or COVID-19 affected people. Democrats are targeting a huge stimulus package of $2.2 trillion, whereas the Republicans were in support of a low stimulus package of $500 billion. This package is likely expected to cover all the essential payments which will help in recovery such as an increase in unemployment benefits, supportive funds for the small traders which are covered by Paycheck Protection Program. The Labor Department claimed that the ranks of workers have been permanently laid off from 3.8 million to 3.7 million in the month of October. On 23rd October, the maximum number of cases have been noted. It seems a sign of phase II and the forecast says that it can become more worse as the government may apply more restrictions and people must face more unemployment issues. The economy may demand an extra requirement of stimulus payment next year. Since both parties have failed to strike a deal, it is a thing to worry about.

 

https://www.usatoday.com/story/money/markets/2020/11/07/stimulus-checks-biden-coronavirus-unemployment-benefits/6165010002/

 

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