As anticipated, President Biden signed the $1.9 trillion “American Rescue Plan” into law today (Thursday), after the sweeping COVID-19 relief package passed both the House and Senate.
The law goes a long way toward turning the corner on the pandemic and kickstarting the U.S. economy left suffering in its wake. As mentioned in a previous alert by Michelman & Robinson, LLP, individuals, state and local governments, small businesses, and/or schools can look forward to the following, among other things:
- $1,400 stimulus payments to individuals earning less than $75,000 annually and married couples making no more than $150,000 per year (from those levels, the payments phase out: individuals whose income is in excess of $80,000 and married couples who earn $160,000 get nothing);
- $300 per week unemployment supplements through September 6, 2021, with the initial $10,200 of benefits tax-free for households having an annual income of less than $150,000;
- Child tax credit expansion, which provides qualifying families $3,000 per child ages 6 to 17 and $3,600 annually for children under 6;
- Another $7 billion for the Paycheck Protection Program; $15 billion for the Emergency Injury Disaster Loan program; and $25 billion for grants to restaurants and bars;
- $14 billion earmarked for COVID-19 vaccine distribution along with an additional $47.8 billion for COVID testing and tracing;
- $350 billion in state, local, and tribal government relief;
- $20 billion in assistance for those seeking to cover rent payments; and
- $130 billion for K-12 schools and higher education (specifically for re-opening costs and student aid).
Of course, should you have any questions regarding the American Rescue Plan and how it might impact you or your business, do not hesitate to contact any of the attorneys in our robust COVID-19 Practice Group.
This blog post is not offered, and should not be relied on, as legal advice. You should consult an attorney for advice in specific situations.