President-elect Joe Biden unveiled an almost $2 trillion Covid-19 relief stimulus plan Thursday night to jump start the US economy.
Unfortunately for the many Americans suffering from economic hardship, the proposal would only grant them an additional $1,400 check. The $1.9 trillion plan would include $440 billion for small businesses relief and $415 billion going to the COVID-19 vaccine program aid.
Initial reaction to the plan was muted, with many suggesting it did not go far enough, while others said it would have a difficult time passing Congress.
The Biden announcement comes as a new New York City study was released saying the city renters owe an estimated $1.1 billion in back rent.
The study by the Community Housing Improvement Program — a group that represents landlords of rent-regulated units — also said roughly 50,000 tenants are more than $15,000 behind in their rent.
While there are some provisions for rent relief, the proposed $1,500 Covid-19 payment is woefully small compared to the debts accrued by people laid off by the pandemic.
NY state renters are legally protected from being evicted until May 1, 2021.
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On the surface, things look quite dismal but I found this video helpful to understand the current situation…
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