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American Rescue Plan Signed into Law

American Rescue Plan

2 minute read

President Joe Biden recently signed a $1.9 trillion relief bill, called the American Rescue Plan. Highlights of the bill include direct checks to individuals, extended unemployment benefits, and more. Here is an overview of the plan:

Provisions

American Rescue Plan

Direct Economic Impact Payments

Up to $1,400 for individuals, based on income

Up to $2,800 for married couples

Up to an additional $1,400 for each qualifying child, including eligible adult dependents

Federal Unemployment Insurance

$300/week through September 6

Aid for Small Businesses

Around $50 billion, including:

  • $7.25 billion to expand Paycheck Protection Program (PPP) eligibility
  • $15 billion for Economic Injury Disaster Loan Program
  • $28 billion for a new grant program for bars and restaurants

Funding for Education

Around $165 billion in funding for education, including $125 billion for K-12 schools

Direct Aid to State and Local Governments

$350 billion to states, local governments, tribes, and territories

Housing Assistance (Rental)

$22 billion in aid for emergency rental assistance, but no extension of eviction protections past the March 31 expiration. Also includes $10 billion in aid for mortgages, utilities, and property taxes, and $5 billion in aid to states to help those who are at risk of becoming homeless

Direct Funding for COVID-19 Testing and Tracing, Vaccine Distribution, and Other Critical Health Care Needs

Around $90 billion

 

Download the bulletin for more details.

 

Additional Resource:

Infographic: Comparing the American Rescue Plan to Previous COVID-19 Relief Bills

 

This blog is intended to be a compilation of information and resources pulled from federal, state, and local agencies. This is not intended to be legal advice. For up to the minute information and guidance on COVID-19, please follow the guidelines of the Centers for Disease Control and Prevention (CDC) and your local health organizations.

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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Scott Fritz

Scott Fritz

Scott Fritz always has a willingness to help others, which has made him an ideal candidate for working in the public sector benefits arena throughout his career. He’s a team player and enjoys strategizing, problem solving, and finding effective cost-saving solutions for his clients. As an Employee Benefit Consultant with National Insurance Services, Scott is responsible for the overall assessment and management of an employer’s benefit plans. He is a licensed insurance agent and works with schools, cities, counties, and community mental health organizations in Michigan and North Carolina.