Breakdown Of 1.9 Trillion Dollar Stimulus Package
Introduction
The 1.9 trillion dollar stimulus package was signed into law by President Joe Biden on March 11, 2021. The package, known as the American Rescue Plan, is aimed at providing relief to American individuals, families, businesses, and state and local governments affected by the COVID-19 pandemic.
Direct Payments
The stimulus package includes direct payments of up to $1,400 to eligible individuals, including those with adjusted gross incomes of up to $75,000 for single filers and $150,000 for joint filers. Additional payments of $1,400 will be made for each dependent claimed on tax returns.
Unemployment Benefits
The package extends unemployment benefits through September 6, 2021, with a weekly supplement of $300 per week. It also provides tax relief for the first $10,200 of unemployment benefits received in 2020 for households with incomes under $150,000.
Small Business Aid
The package includes $50 billion in aid for small businesses, including $28.6 billion for restaurants, bars, and other food establishments. The aid includes grants and direct relief to help businesses pay rent, utilities, and other expenses.
Housing Assistance
The package includes $27.4 billion in rental assistance and $10 billion in homeowner assistance. The rental assistance will help renters pay rent, utilities, and other housing-related expenses. The homeowner assistance will help homeowners with mortgage payments, property taxes, and other housing-related expenses.
Education Funding
The package includes $170 billion in funding for education, including $130 billion for K-12 schools to help them reopen safely and address learning loss caused by the pandemic. The funding also includes $40 billion for higher education institutions and $1.25 billion for summer enrichment programs.
Child Tax Credit
The package expands the child tax credit for one year, increasing the credit from $2,000 to $3,000 per child ages 6 to 17 and $3,600 per child under age 6. The credit is also fully refundable for low-income families.
Healthcare Funding
The package includes $160 billion in funding for COVID-19 testing, vaccine distribution, and healthcare workers. It also includes funding for mental health services, substance abuse treatment, and rural healthcare providers.
State and Local Government Aid
The package includes $350 billion in aid for state and local governments, including $130 billion for local governments, $195 billion for states, and $20 billion for tribal governments. The aid is aimed at helping governments cover lost revenue and pandemic-related expenses.
Conclusion
The 1.9 trillion dollar stimulus package is a comprehensive effort to provide relief to American individuals, families, businesses, and state and local governments affected by the COVID-19 pandemic. The package includes direct payments, unemployment benefits, small business aid, housing assistance, education funding, healthcare funding, and state and local government aid. It is hoped that the package will help stimulate the economy and provide much-needed relief to those most affected by the pandemic.