The American Rescue Plan Act of 2021
Both the Senate and House have voted to send the $1.9 trillion coronavirus stimulus package to President Biden’s desk.
Many low-income families will benefit from increased rental assistance, food aid, and health insurance subsidies.
What you can expect
Stimulus Checks: $1,400 checks for you and adult dependents. Checks will go to people making less than $75K annually and married couples making less than $150K. Check sizes phase down from there, with a cap of $80K for individuals and $160K for couples.
Child Tax Credit: Households making less than $150k will receive $3,000 per child ($3,600 for those under 5 years old). The tax credit will be advanced and come in the form of monthly payments beginning in July.
Unemployment Benefits: $300/week jobless benefits extended to August 29. Additionally, the first $10,200 in unemployment benefits you received in 2020 will not be taxed if your total income is less than $150K.
Small Business Support: $25B in grants specifically for restaurant and bar relief. An additional $7.2B for Paycheck Protection Program loans, with a new Community Navigator program to reach small businesses who were unable to access PPP loans in 2020.
COVID Vaccine: $14B dedicated to vaccine distribution.
Health Insurance Subsidies: 100% COBRA subsidies to ensure that laid-off workers can remain on their employer’s health plans at no cost through the end of September 2021.
The White House has announced Biden will sign the bill on Friday, March 12, 2021. For more details about the plan, visit www.whitehouse.gov/american-rescue-plan.
The Biden Administration Wants to Hear from You!
You are invited to share a video addressing how the American Rescue Plan will help you and your family, and what you plan to do with your stimulus check. To share your story, please go to www.whitehouse.gov/american-rescue-plan/share-your-story.
