Tens of millions of Americans would receive a $1,400 boost to $600 stimulus checks that were distributed by the IRS in late December and early January.That would bring the total amount to $2,000. Biden pledged to support the boosted direct payments during the Senate runoffs in Georgia earlier this month. Democrats won both races, which gave the party a narrow majority in the Senate.Some progressives are pushing Biden to send a full $2,000 check instead.Read more: 'I have seen this movie before': Legendary investor Jim Rogers unloads on the bubbles he says are forming across markets, particularly in big tech stocks and bitcoin — and shares 4 alternatives he would buy for his kid over the next decadeThe Biden proposal includes a provision for a $400 federal supplement to state unemployment checks for several more months.An earlier pandemic aid package approved by Congress and former President Donald Trump included a $300 federal benefit until March 14.Other unemployment programs for freelancers (Pandemic Unemployment Assistance) and people who exhausted their state benefits (Pandemic Emergency Unemployment Compensation) were extended until mid-March as well.People drawing benefits from either PUA or PEUC who may be entitled to additional weeks can continue receiving payouts until April 5.The Biden proposal also includes a measure to bolster child tax credits and make them fully refundable for a year, meaning people could receive them regardless of what they owe in taxes.$3,000 for each child 17 and under (from current level of $2,000)$3,600 for kids under age 6Parents could receive the from the federal government after they file their taxes, though it could also be structured as a monthly payment.Currently, the credit is capped at $1,400 for people who don't owe at least that amount on their tax bill.During her confirmation hearing on Tuesday, Janet Yellen, Biden's pick for treasury secretary, told lawmakers on the Senate Finance Committee she would certainly explore with the IRS whether it was possible to deliver the cash monthly.Read more: 'Extremes are becoming ever more extreme': A Wall Street strategist who sounded the alarm before last year's 35% crash showcases the evidence that a similar meltdown is loomingThe Biden plan also includes a provision to more than double the federal minimum wage to $15 an hour. Congress hasn't raised it from $7.25 in over a decade. But a timeline remains unclear.Republicans staunchly oppose it, warning of job losses at a moment many small businesses are filing for bankruptcy and laying off workers because of the pandemic.The Congressional Budget Office, a nonpartisan government agency, forecasted that 27 million workers would experience a pay boost with the measure. They also projected 1.3 million employees would be lifted out of poverty and an equal number of jobs would be lost.In 2019, the Democratic-led House approved a plan to gradually lift the federal minimum wage to $15 an hour by 2025.A growing body of research indicates that some state and city-wage increases in recent years hasn't set back the ability of employers to hire more workers. Evidence of job losses has not been consistent.Yellen, a former Federal Reserve chair, said in her hearing that job losses were generally very minimal in states that raised worker pay.