On Monday, president-elect Joe Biden issued a series of remarks about the state of the economy. During his speech, Biden urged Congress to take action as it concerns another stimulus package. While his plan does sound optimistic, experts are urging Americans to do three particular things in the meantime as Congress attempts to come together on a second stimulus package, per CNBC.
Biden gave his first speech on the economy as the president-elect on Monday (the former vice president is the projected winner of the presidential election, beating the incumbent President Donald Trump). He specifically called on Congress to act quickly to “deliver immediate relief” to eligible Americans. The president-elect also voiced his support for the House’s updated $2.2 trillion HEROES Act, a bill that includes enhanced unemployment benefits, a second stimulus check, aid for state and local governments, and housing aid. The HEROES Act previously passed in the Democrat-led House in May, but it has made no further headway in Congress. As of right now, it’s unclear whether the bill will be able to garner enough support from Republicans to pass.
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It could be some time before Congress takes action on another stimulus package in light of the president-elect’s recent remarks. In the meantime, there are three specific things that Americans can do to prepare themselves amidst this difficult time in the nation’s history.
1. Plan As If Another Stimulus Package Won’t Happen
Unfortunately, experts are telling Americans to not get their hopes up too high when it comes to another stimulus package. Since the legislation could take some time to complete, it could be quite a while before Americans could even begin to receive any aid from the government. Of course, that is all dependent on whether Congress can come together on another stimulus package, a factor which is not looking likely at the moment.ย
Where Negotiations Stand
At the moment, it seems as though Congress has turned its attention to the government spending negotiation, which must be passed before Dec. 11. Still, several lawmakers have voiced their frustrations over the fact that there has been no additional stimulus legislation. Sen. John Corbyn, a Republican from Texas, said, “I am kind of discouraged frankly right now. I was encouraged when I saw … Vice President Biden tell Schumer and Pelosi he would like to see a package done. So far there doesn’t seem to be any interest on the Democratic side.” He added, “Just as important as what the topline is what the content is, so that is why it is hard to say what the appropriate topline number is, but it does need to be focused and there is still a lot of people hurting and a lot of questions about logistics of the vaccine, which we are going to need continued support from Congress.”
2. Find Ways To Make Extra Income
Given that there could be some time before Americans are able to receive any financial aid from the government amidst the COVID-19 pandemic, experts have said that individuals should turn towards other means as ways of securing income. It should be noted that it has been over eight months since Congress passed its first (and so far, only) stimulus package, the CARES Act. The bill allowed eligible Americans to receive a one-time check worth $1,200.ย
Different Ways
CNBC shared a number of different options that you can turn to in order to possibly secure more income. The publication noted that you could contact your service providers or creditors to ask them to lower the monthly payments or to put those payments on hold temporarily during the health crisis. They also said that you could take this time to cash in some of your credit card points. Additionally, they advised that one could pick up a part-time job or side hustle. If you’re in need of some extra cash, you could always turn to outlets such as Facebook marketplace in order to sell items that you aren’t in need of anymore.ย
3. Look At Credit Lines And Assets
The third piece of advice that CNBC shared was that one could look into their credit lines and assets. This route would be helpful if you are in need of a substantial amount of cash at this time.ย
Various Options
CNBC reported that those options for additional funds could include asking a family member for a loan. They also reported that while it may not be best to borrow funds due to the possible high-interest rates, you could look into a credit card or line of credit in order to help tide you over. The publication also noted that one could look into their retirement accounts, life insurance policies, or personal loans, all of which could be helpful avenues to look into if you are in need of more funds amidst the COVID-19 crisis.ย
