What The American Rescue Plan Means For Cities
President Biden’s American Rescue Plan promises an economic lifeline to cities across the country.
The future of downtown areas like Chicago, Philadelphia, Manhattan, and many more that have struggled during the pandemic hangs in the balance.
The American Rescue Plan Can Strengthen Urban Areas
The nearly $2-trillion-dollar stimulus package, now officially law, includes a number of provisions that can help cities. In addition to the funding intended to help individuals and their families bounce back from financial hardship during the pandemic, the plan provides funding for:
• Public safety organizations, including firefighters and vaccine administrators.
• Transportation infrastructure, including transit agencies and airports.
• Broadband for schools and libraries.
• Housing aid and emergency rental assistance.
The plan also offers hope for small businesses across the country.
Another round of Paycheck Protection Program (PPP) loans are available, as well as a number of grants specifically for shuttered arts venues and restaurants. This wide-scale investment across city infrastructure serves as a welcoming backdrop as residents of the country’s cities return to work.
The American Rescue Plan makes health insurance more affordable for millions of Americans!
A Kaiser Family Foundation analysis estimates that 92% of people who buy their own health insurance will qualify for a subsidy. Its findings also indicate that 1.4 million uninsured people are now newly eligible for the subsidized marketplace coverage.
Kaiser pegs the average savings as ranging from $33 a month for those with incomes under 150% of the poverty level to $213 a month for those with incomes between 400% and 600% of the federal poverty level.
Estimates by the Centers for Medicare & Medicaid Services (CMS) say premiums after the new savings will decrease, on average, by $50 per person per month, or $85 per policy per month. Four out of five enrollees should be able find a plan for $10 or less a month after premium tax credits, CMS says, and more than 50% will be able to find a “Silver” (or mid-level) plan for $10 or less.
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--90% of applicants are entitled to additional subsidies!
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