Biden unveils $1.9trillion economic package: Key Highlights

President-elect Joe Biden unveiled his $1.9 trillion dollar coronavirus economic relief plan on Thursday evening. It's expensive legislation with three major targets: $400 billion for arresting the spread of COVID-19 and increasing vaccine capabilities; over $1 trillion to assist families needing direct financial support; and $440 billion in emergency funds for cash-poor small businesses and communities.

"I believe we have a moral obligation," Mr. Biden said in a speech on Thursday night from Wilmington, Delaware. "In this pandemic in America, we cannot let people go hungry, we cannot let people get evicted, we cannot watch nurses, educators and others lose their jobs, we so badly need them. We must act now, and we must act decisively."

"This gets money quickly into the pockets of millions of Americans who will spend it immediately on food and rent and other basic needs, as economists tell us that helps the whole economy grow," Mr. Biden said in the speech.

$25 billion in emergency funding

The president-elect also wants to implement emergency paid sick, family, and medical leave, stabilize childcare centers with $25 billion in emergency funding, and forestall COVID-related evictions.

His proposed legislation also would also initiate his push for a $15 national minimum wage and for ending the tipped minimum wage.

Mr. Biden on Thursday also laid the foundation on how his administration will change the vaccine distribution process. "The vaccine rollout in the United States has been a dismal failure so far," Mr. Biden said.

$400 billion dollars to boost vaccine infrastructure

Mr. Biden is proposing $400 billion dollars to boost vaccine infrastructure, with a specific focus on increasing the number of community vaccine distribution locations. An incoming senior Biden administration official reiterated confidence that the goal of providing 100 million vaccine shots in the first 100 days would be met.

$170 billion for updates to K-12 schools

Mr. Biden's coronavirus package proposes $170 billion for updates to K-12 schools to ready them for in-class instruction again. Funds could be used to reduce class size, modify space, improve ventilation or provide additional funding for summer school to make up for lost time.

$15 billion dollars to go directly to 1 million small businesses

Finally, to assist struggling businesses, Mr. Biden is asking for $15 billion dollars to go directly to 1 million small businesses. He also wants to increase loans to businesses in need. Community transportation, tribal communities, and technology investments are also included in the bill.