Biden’s American Rescue Plan Tops $1.9 Trillion

With Joe Biden set to become the 46th President of the United States, Wednesday, January 20th, the proposed $1.9 Trillion stimulus bill, The American Rescue Plan, will be a top priority for Biden and his team to finalize. We highlighted key information below.

Vaccination

• $20 billion in a national vaccination effort to supplement existing state vaccination efforts. The addition of federal vaccine sites run by FEMA or the National Guard to help increase vaccination rates. 

Stimulus Checks

• $1,400 ($2,800 for families) of stimulus checks to eligible recipients.
  • Adult dependents and household with mixed immigration will be eligible.

Unemployment

• Increase unemployment aid by an extra $400 weekly, from the $300 weekly addition by Congress’ December relief package.
• Increase the Affordable care Act’s premium subsidies, so those enrolled do not need to pay more than 8.5%. 
  • $4 billion for mental health and substance use disorder services.
  • $20 billion to meet the health care needs of veterans. 
• 15% increase in food stamps benefits through September, previously having an expiration date in June.
  • $1 billion to U.S. territories in dire need of nutrition assistance.
  • $3 billion for secure food supplies to women, infants, and children.

Small Business

• $15 billion in grant money to small businesses.
  • $35 billion investment in state, tribal, local, and non-profit financing programs to allow low-interest loans and provide entrepreneurs with venture capital.

Renters

• $25 billion in rental assistance for low- and moderate-income households who have lost jobs during the pandemic.
  • $5 billion will be set aside for renters to pay utility bills.
  • Extension of the federal eviction moratorium, set to expire at the end of January to September 30.

Child Care Providers

• $25 billion in emergency funds to help child care providers, along with $15 billion to existing grant programs.

Child Tax Credit

• Increased Child Tax Credit to $3,600 for children under age six and $3,000 for those between ages 6 to 7 for a year, fully refundable.
  • Biden would also like to raise the maximum Earned Income Tax Credit for a year to close to $1,500 for childless adults, increase the income limit for the credit to about $21,000 and expand the age range of eligibility to cover older workers.

Frontline Workers

• $350 billion to state, local, and territorial governments to keep frontline workers employed, increase testing, reopen schools and maintain vital services.
  • $20 billion for public transit agencies most affected to avert layoffs and cutting of transportation routes.

Minimum Wage

• Increase of minimum wage to $15 an hour.