Joe Biden.Photo: MANDEL NGAN/AFP via Getty
Joe Bidensigned into law a $1.9 trillionCOVID-19aid package on Thursday, bringing the new president his first legislative win and many Americans closer to another round of stimulus checks amid the now year-long pandemic.
TheAmerican Rescue Planis the third major relief bill meant to stem the financial damage from the pandemic and one of the largest such bills in the country’s history. (Democrats passed it through their congressional majority over uniform Republican opposition.)
Below, a look at what is included in the bill, from stimulus checks to an added boost for parents.
Stimulus Checks
The most widely-reported provision in the package is that it will distribute stimulus checks for Americans making less than $80,000.
Similar to the cash payments distributed as part of the previous stimulus bills, single individuals making up to $75,000 will receive a $1,400 payment in the coming weeks, while families earning up to $150,000 will be eligible for the full amounts as well.
Dependents will also receive $1,400 checks, so those who are eligible will receive $1,400 for each parent and child.
People making between $75,000 and $80,000 will receive smaller amounts.
Unemployment Benefits
The bill extends increased federal unemployment insurance benefits through Labor Day (a six-month extension from when benefits were supposed to end). The enhanced payments will remain at $300 per week of unemployment.
The legislation also offers a tax break on jobless benefits received in 2020, waiving federal taxes on the first $10,200 in individual unemployment benefits (or $20,400 for married couples).
The tax break only applies to federal taxes and to individuals and married couples who made less than $150,000 in adjusted gross income in 2020.
According to theLabor Department, more than 10 million Americans were unemployed as of mid-February.
Expanded Tax Credits for Families
Perhaps the most notable provision in the American Rescue Plan is the massive expansion of the existing child tax credit, which provides $2,000 a year for children from birth through age 16.
Small Business Aid
Additional provisions in the legislation will offer support for specific industries that suffered during the pandemic, such as restaurants and bars, which will be eligible for grants via $25 billion given to the Small Business Administration.
An additional $1.25 billion will go toward the SBA’sShuttered Venue Operators Grant program, which promises relief for concert venues and theaters.
The transportation sector is also being targeted in the bill, with roughly $30 billion going toward transit costs such as payroll and personal protective equipment. Additionally, airports will receive $8 billion; the aerospace manufacturing industry will receive $3 billion for a temporary payroll support program; and $15 billion will be allocated for airline workers.
Amtrak (a favoredmode of transportationfor President Biden) will get $1.5 billion to recall and pay the employees who were furloughed during the pandemic.
Funding for Local Governments and Schools
The legislation sets aside $350 billion for states, cities, tribal governments and U.S. territories. That money is meant to aid the municipalities facing deep budget shortfalls since the pandemic began last year.
According to aWashington Postanalysis of government data, state and local governments have lost 1.3 million jobs over the past year due to the pandemic. (Not all local governments were uniformly affected, however: In Georgia, for example,tax revenues reboundedin the fall and winter.)
The American Rescue Plan also includes $2.75 billion in emergency assistance for non-public schools, as well as more than $128 billion in grants to state educational agencies and$39 billion in grants to higher education institutions.
Funding for Vaccine Distribution/COVID-19 Testing
The Centers for Disease Control and Prevention will receive $7.5 billion of the funds, which will go toward distributing and administering COVID-19 vaccines. The legislation mandates that an additional $46 billion be used to fund testing and tracing of the virus.
Housing Assistance
There is $21.5 billion for emergency rental assistance and $5 billion set aside for emergency housing vouchers for those who are experiencing homelessness or who are survivors of domestic violence or victims of human trafficking.
AsMarketWatchreported, it’s still unclear how quickly the housing aid might make its way to renters, as the previous round of aid was delayed for weeks as a result of bureaucratic delays.
Additionally, $4.5 billion has been set aside for the Low Income Home Energy Assistance Program, which aids families with home heating and cooling costs.
As information about thecoronavirus pandemicrapidly changes, PEOPLE is committed to providing the most recent data in our coverage. Some of the information in this story may have changed after publication. For the latest on COVID-19, readers are encouraged to use online resources from theCDC,WHOandlocal public health departments.PEOPLE has partnered with GoFundMeto raise money for the COVID-19 Relief Fund, a GoFundMe.org fundraiser to support everything from frontline responders to families in need, as well as organizations helping communities. For more information or to donate, clickhere.
source: people.com
