This week, Congress passed the American Rescue Plan Act which was signed by President Biden on March 11. The measure includes $1,400 direct payments for those earning less than $75,000/year ($150,000/year for married joint filers), extended increased federal unemployment insurance payments of $300/week through September, $170 billion to help reopen schools, $100 billion to expand vaccine distribution, and an expanded child tax credit that could provide up to $3,600 per child in financial support. Additionally, the bill includes provisions for specific sectors of the economy as outlined below:

 

Assistance for Homeowners and Renters

 

The bill would direct nearly $10 billion toward states, territories, and tribes to assist homeowners on fronts such as mortgage payments and property taxes and $25 billion towards emergency assistance to renters.

 

 

Relief Funding for Restaurant, Entertainment and Airline Industries 

 

• Funding for a new Small Business Administration (SBA) program known as the Restaurant Revitalization Fund, which will provide $25 billion in assistance for the restaurant industry through December 31.

 

• An additional $1.25 billion for the SBA’s Shuttered Venues Operators Grants to support live venue operators, promoters, theaters, museums, and others in the entertainment industry.

 

A further $15 billion in relief grants for U.S.-based airlines and their contractors.

 

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