10 Mar The American Rescue Plan of 2021 Becoming Law
On Wednesday, March 10th, the House will pass the American Rescue Plan and send it to President Biden’s desk to be signed into law.
This comprehensive legislation is the latest effort in defeating the COVID-19 pandemic while providing needed assistance to bolster the U.S. economy. The American Rescue Plan aims to provide direct assistance to families, invest in vaccine distribution, ensure schools have the resources to resume in-person learning safely, and support small businesses.
What’s in the American Rescue Plan?
- $1,400 direct payments to each American, including for each child, for individuals making less than $75,000 a year and married couples making less than $150,000 a year to help those struggling to pay their bills and help get the economy moving.
- $300/week enhanced unemployment benefits through Labor Day, with $10,200 tax free for those making less than $150,000, to help Americans who are waiting to get back to work.
- $20 billion for development and distribution of vaccines, including $7.5 billion in CDC funding to address racial disparities and ensure vaccines are reaching every community, including communities of color hit hardest by the pandemic.
- $48.3 billion for testing, tracing, and mitigation efforts to fight the spread of COVID-19 and provide PPE to frontline health care workers.
- $350 billion in critical aid to state, local, territorial, and tribal governments to keep frontline workers such as teachers, law enforcement, and health care workers, on the job.
- 15% increase in SNAP benefits through September to help families struggling to put food on their table.
- $3,600 expanded child tax credit per child under 6 and $3,000 per child from ages 6 to 17 for parents making less than $75,000 or $150,000 per couple.
- Nearly $35 billion to strengthen the Affordable Care Act and ensure individuals have access to quality, affordable health care during this public health crisis.
- $29 billion targeted specifically to help struggling restaurants who have been hit the hardest by measures to contain the spread of COVID-19.
- Extension of the Employee Retention Credit from June 30, 2021 to December 31, 2021.
- $50 billion for the Disaster Relief Fund under the Federal Emergency management Agency to assist in securing PPE, distributing vaccines, and sanitizing public buildings.
- Over $125 billion for K-12 schools, $40 billion for colleges, and $39 billion for child care providers to ensure a return to safe in-person learning for students, teachers, and staff.
This information is provided with the understanding that Payroll Partners is not rendering legal, human resources, or other professional advice or service. Professional advice on specific issues should be sought from a lawyer, HR consultant or other professional.