The ongoing COVID-19 pandemic has had a significant impact on the global economy. Many individuals and businesses have faced financial hardships due to job losses and reduced revenue. To help combat this, the United States government has introduced a stimulus career package to provide financial assistance to those in need.
The stimulus career package, officially known as the American Rescue Plan, was signed into law on March 11, 2021. The $1.9 trillion package includes a range of measures to support individuals, families, and businesses affected by the pandemic. Here are some of the key provisions of the package:
- Stimulus Checks: The American Rescue Plan includes a third round of stimulus checks. Eligible individuals will receive up to $1,400 per person, including dependents. The income threshold for receiving the full amount is $75,000 for individuals and $150,000 for married couples filing jointly. The payments will be automatically deposited into bank accounts or mailed as checks or debit cards.
- Unemployment Benefits: The package extends federal unemployment benefits until September 6, 2021. The weekly benefit amount is $300, and the eligibility criteria have been expanded to include self-employed and gig workers.
- Child Tax Credit: The Child Tax Credit has been expanded for 2021, with eligible families receiving up to $3,600 per child under the age of 6 and $3,000 per child aged 6 to 17. The credit is fully refundable and will be paid out in monthly installments from July to December 2021.
- Small Business Assistance: The American Rescue Plan includes $50 billion in funding for small business assistance, including the Paycheck Protection Program (PPP). The PPP provides forgivable loans to small businesses that use the funds to keep their employees on the payroll.
- Healthcare: The package includes funding for COVID-19 testing and vaccine distribution, as well as subsidies for health insurance premiums and COBRA continuation coverage.
- State and Local Governments: The American Rescue Plan provides funding to state and local governments to help them deal with the economic fallout from the pandemic.
The American Rescue Plan is a significant step towards providing financial relief to those impacted by the pandemic. While the package is not a panacea, it provides much-needed assistance to individuals, families, and businesses struggling to make ends meet. The stimulus career package is on the way, and it will help millions of Americans get back on their feet.