President Biden Signs “American Rescue Plan Act of 2021”

On Thursday, March 11, 2021, President Biden signed into law H.R. 1319, the “American Rescue Plan Act of 2021,” which provides additional relief to address the continued impact of the COVID-19 pandemic on the economy, public health, state and local governments, individuals, and businesses. The bill includes:

  • $1,400 for those making up to $75,000 with a complete phase out at $80,000. Couples earning up to $150,000 will receive the full $1,400 per person payment, which zeroes out $160,000 in earnings. Individuals will also receive an additional $1,400 payment for each dependent claimed on their tax returns.
  • An extension of the $300 monthly unemployment insurance supplements into September.
  • Increased child tax credits increasing the amount to $3,000 for children ages 6 to 17 and $3,600 for children under age 6. The amount is gradually reduced for couples earning over $150,000 and individuals earning over $75,000 per year. Families eligible for the full credit would get payments of up to $300 per child per month from July through the end of the year.
  • The first $10,200 in 2020 benefits is tax free for families making $150,000 or less.
  • $7.25 billion for the Paycheck Protection Program (PPP), which now allows more non-profits to apply.
  • $350 billion in state and local aid.
  • $128 billion in grants for state educational agencies.
  • $55.5 billion for vaccines, personal protective equipment, and additional diagnosing and tracing of COVID-19.
  • $25 billion for restaurants.
  • $30 billion for transportation entities.

Source: Hardwood Federation

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