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Big announcement by newly elected US President Joe Biden, every American to receive Rs 1 lakh in their accounts

The plan which the transition team described as 'ambitious, but achievable', is estimated to total Rs 138 lakh crore, according to statement released.

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Folks, I just received the second dose of my COVID-19 vaccine and just like the first dose, it was safe, quick and painless (Image Source: Twitter/@JoeBiden)
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Newly elected US President Joe Biden, before his oath taking ceremony has announced Rs 138 lakh crore Corona Relief Package. This relief package (Corona Relief Package) will be sent to Congress for approval and after getting a nod from there, every American citizen will get Rs 1 lakh in their accounts. This package has been titled the American Rescue Plan.

Biden on Thursday, revealed the breakdown of his proposed package, titled the American Rescue Plan, which includes measures aimed at sustaining families and firms until vaccines are widely distributed. The plan includes stimulus checks as well as unemployment support.

As per the relief package, Joe Biden made many announcements. According to it, direct cash benefit for an American citizen has been announced. 

Biden's plan includes a new round of direct payments of one lakh rupees for most Americans, funding to promote the safe opening of schools and mounting a national vaccine program. Also included is $400 (29,264 rupees) a week in additional unemployment insurance, through September.

Also, special funds have been announced for the business for liquidity and the Corona Vaccine Program. Providing relief to small businesses, notably those owned by entrepreneurs of color, was also detailed in the plan.

The plan, which the transition team described as 'ambitious, but achievable', is estimated to total Rs 138 lakh crore, according to a statement released ahead of Biden's speech.

Relief Package divided in three parts

The Rs 138 lakh crore relief package has been divided into three parts. 

A big part of it will be given as a direct benefit to the American households.

Apart from this, 415 billion dollar corona pandemic and more than 1000 billion dollar has been kept as direct support.

440 billion dollars have been kept aside for supporting business.

Unemployment allowance

US citizens will receive $1400 (about 1 lakh rupees) under the $1000 billion Additional Direct Benefit Fund included in the relief package.

Unemployment allowance will also be given to the registered people from March to September 2021.

Every month, 400 dollars will be given as unemployment allowance.

In this announcement, the federal minimum wage for overtime has also been increased and it will now be 15 dollar per hour.

On January 20, Joe Biden will take oath as the 46th president of the United States of America. Earlier Donald Trump signed a 900 billion dollar relief package.

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