Since his initial bid for president, Joe Biden has promoted the idea of enacting a stimulus plan that would serve Americans while riding out the COVID-19 pandemic. This plan, titled the American Rescue Plan, has now been signed into law by President Joe Biden.
The plan itself delivers on many of Biden’s promises and is the biggest economic recovery plan ever passed in the United States since the Great Depression. The American Rescue Plan outlines a comprehensive stimulus package that will work to deliver $1,400 direct payments to individuals making $75,000 a year or less and married couples making $150,000 or less. Unemployment benefits will be extended through September 6th, with the $300 weekly federal supplement assisting those who have lost their jobs due to the pandemic.
$350 billion of the funds will be used for state, local, and tribunal governments, with $10 billion for investing into state infrastructures, $14 billion for vaccine distribution, $130 billion to primary and secondary institutions, and $45 billion for rent, mortgage, and utility assistance. There has also been an allotment of funds earmarked for aid for live music venues as well.
These funds come at a critical time during the pandemic, with over 500,000 lives lost in the United States alone. With vaccine distribution rollouts being managed by states, we can expect this injection into the economy to make serious waves. With the Child Tax Credit for families previously existing at $2,000 per child, Biden’s plan makes it a fully refundable credit of $3,600 per child under age 6 and $3,000 per child ages 6-17. This credit is expected to lift almost 10 million children above the poverty line or closer to it due to the tax savings it provides to families.
Undocumented people were not included in this stimulus bill, as was the case in previous bills as well. According to the Washington Post, stimulus benefits and payments are denied to “any nonresident.” Without a social security number on file, you will not be eligible to receive any direct payment for this round.
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