American Rescue Plan Act – A quick summary
Recent polling finds that 75% of voters support the American Rescue Plan Act.
Here's a quick summary of what's in the act.
The legislation includes a new round of $1,400 direct cash relief, though criteria for eligibility for the stimulus has narrowed. It also extends enhanced unemployment benefits of $300/week until September 6.
In addition to $50 billion in funding for vaccine distribution and disaster relief, the bill also provides $49 billion in funding for COVID-19 testing, tracing, and research.
Food and Housing
It includes about $12 billion to augment food and nutrition assistance programs, and at least $45 billion in rental, utility, and mortgage assistance, as well as support for the unhoused.
Schools and States
The bill includes $350 billion in funding for state, local, and tribal governments to ensure that they can continue to provide essential services and pay essential workers amid a budget shortfall they say was brought on by the impact of the pandemic. It also includes more than $125 billion in emergency relief funding for elementary and secondary schools to be used to better equip schools for a safe reopening and address learning gaps.
Child Tax Credits
The bill also radically reforms the child tax credit, expanding eligibility and boosting maximum payments.
There are substantial new subsidies for the Affordable Care Act through measures to cap maximum premiums for health insurance and issue subsidies for health care for those who were laid off or are working less due to the pandemic.
The Federal Government* says
Four out of five enrollees will be able to find a plan for $10/month.
Uninsured couples earning over $70,000 could save more than $1,000 per month on their monthly premium.
A family of four making $90,000 will see their premiums decrease by $200 per month.
And in many cases, you may pay nothing for high-quality health insurance.
Give us a call at (877) THE HALO
to see how much healthcare support you qualify for.