NATIONAL—Last week, President-elect Joe Biden announced a $1.9 trillion stimulus plan—the American Rescue Plan—which aims to sustain United States citizens and businesses until vaccines are widely distributed across the country.
The relief package includes $70 billion for COVID-19 testing measures and to help push a vaccine distribution program out to state and local governments. Wondering what the massive plan held for construction? Here's a quick overview of how you and your workers could be affected by the plan, provided it passes in Congress:
- $20 billion in federal aid to develop a widespread COVID-19 vaccination distribution plan, which will include a strategy for pushing a vaccine plan out to state and local municipalities
- $350 billion in emergency funding for state and local governments
- $15 billion for small businesses
- $130 billion to K-12 schools (some funding for construction projects is eligible)
- Seed money amounting to as much as $175 billion to fund low-interest business loans
- $50 billion for COVID-19 testing aid
- The federal minimum wage will be increased to $15 per hour
- Biden proposes direct stimulus payments of $1,400 to most Americans
- The federal, per-week unemployment benefit will also be increased to $400 and extended through the end of September
The biggest news for the industry coming from Biden's announcement, however, was another proposal still to come: the Build Back Better recovery plan. Expected to follow the American Rescue Plan in February, this proposal would fund billions of dollars of infrastructure work, federal construction projects, investing in clean energy initiatives and more.
"It’s time to stop talking about infrastructure and finally start building it. Millions of good-paying jobs that put Americans to work rebuilding our roads, bridges, and ports to make them more climate resilient, to make it faster, cheaper, and cleaner to transport American-made goods across our country and around the world," Biden said in his speech.
