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