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.
- $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.
- $1,400 ($2,800 for families) of stimulus checks to eligible recipients.
- Adult dependents and household with mixed immigration will be eligible.
- 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.
- $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.
- $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.
- $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.
- Increase of minimum wage to $15 an hour.