What’s in the New $1.9 Trillion Dollar Stimulus Package?
Despite Republican opposition, the Biden administration's new economic stimulus bill is expected to be passed by the U.S. House of Representatives on either Tuesday or Wednesday, March 10. Afterwards, the legislation will head to the White House's Resolute desk for a signature from President Biden.
The measure is almost $2 trillion dollars, so exactly what's included? First and foremost, the bill includes direct payments in the amount of $1,400, which according to Yahoo Money, will be sent to about 158.5 million households in the U.S.
To be eligible for the $1,400 payment, single individuals must have made $75,000 or less on their most recent tax return. The payment will be reduced for individuals making more than $75,000 and phased out completely at the $80,000 threshold.
Those filing joint tax returns will receive a $1,400 payment for household incomes at or below $150,000 and then phased out completely at the $160,000 threshold. Child dependents under the age of 17 will also receive a $1,400 payment, which means a household of 4 will likely receive a $5,600 collective payment.
If passed as expected, the bill will be signed this week and Americans could start to see stimulus checks hit their bank accounts as soon as the week of March 15, 2021.
In addition to the stimulus checks, the American Rescue Act extends $300 a week unemployment benefits. Originally meant to expire on March 14, 2021, the $300 unemployment benefit will now extend through September 6, 2021.
The Child Tax Credit that helps families save hundreds of dollars in taxes owed every year will see a temporary increase to $3,600 per child under the age of 6 and $3,000 for children between 6 and 17.
The bill also includes federal funding for rental payment assistance for those who face potential eviction. In Texas, the Department of Housing and Community Affairs is accepting applications for rental payment assistance. Learn more at this website.
Further, the American Rescue Act provides billions of dollars for vaccination distribution, much like the past 2 stimulus bills, and money for state and local governments to recuperate money lost during the COVID-19 pandemic.