The $ 1.9 Billion “American Rescue Plan” Powered by President Joe Biden’s Administration to tackle the economic crisis that unleashed the coronavirus includes several rescue programs, apart from the $ 1,400 stimulus check, which, if approved, will mean more money in the pockets of the beneficiaries.
One of the most mentioned in the press is the unemployment benefits extended each week.
The second stimulus bill, passed last December, mandated federal payments of an additional $ 300 of $ 400 through March 14.
Under the new proposal considered by the congressmen, the extension until August 29 of the subsidy for $ 400 per week is contemplated.
The provisions contained in the version currently being evaluated by the Senate also include two pandemic unemployment programs that apply to self-employed workers or independent contractors. Under the “Pandemic Emergency Unemployment Compensation”, the aid is extended to 48 weeks; while the extension of the “Pandemic Unemployment Assistance” it is for 74 weeks.
Although the unemployment rate has dropped substantially from 14.7% in April, the weekly number of applications for unemployment benefit, even in the final months of the year, has remained above 700,000, according to the most recent statistics from the Bureau of Labor Statistics of the federal Department of Labor.
Biden’s bill also includes a 15% increase in benefits for recipients of the Food Stamp Program (SNAP) through September instead of expiring in June.
Under the proposal section, the Supplemental Nutrition Assistance Program (SNAP) included in the December stimulus package that seeks to bring food to the table of millions of Americans struggling to make ends meet.
The initiative also includes investment for food incentives for US territories such as Puerto Rico and to adjust the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) so that more low-income people are eligible.
EBT pandemic program
Families with children whose schools are closed may receive food program benefits Pandemic-EBT during the summer, according to a report by CNN.
This initiative provides funds to offset the free or reduced-cost meals that children receive at study centers.
This benefit, which has been distributed to more than half of the children in US schools across the states, provides between $ 250 and $ 450 per student, depending on how long the school is closed.
Payment of rent and utilities
The stimulus plan of the Biden Administration it also provides about $ 19.1 billion to states and local governments to redirect it to low-income households to cover rent and utility bills.
Of that amount, $ 10 billion will go to homeowners who cannot afford mortgages or property taxes.
Another $ 5 billion should be directed to people at risk of losing their homes.
Child Tax Credit
Under the stimulus package, parents under the age of 17 would receive Child Tax Credit funds in advance.
The tax credit grants up to $ 3,600 to families with children.
The government’s plan is to expand credit and send monthly – starting next July – payments to eligible taxpayers.
If the legislation is finally passed, the government would distribute checks for $ 300 per month for each child under 6 years of age, as well as checks for $ 250 for each child between 6 and 17 years old.
These payments would equal a total of $ 3,600 a year for the youngest children and $ 3,000 a year for those ages 6 to 17.
More money for small business owners
Legislation before Congress provides $ 15 billion for the program “Emergency Injury Disaster Loan” which makes low-interest loans through the Small Business Administration.
Businesses with fewer than 10 employees affected by the pandemic have priority in the evaluation made by the authorities before granting the loan.
Another $ 25 billion for a new grant program will go to bars and restaurants. Recipients of the aid can use the funds for payroll, mortgage, rent, among other responsibilities.
In the case of “Paycheck Protection Program”, $ 7 billion in additional funding will be added and eligibility to apply to nonprofits will be expanded. The PPP offers loans to help companies pay their employees’ payroll during the coronavirus crisis (COVID-19). Borrowers may qualify for their loan forgiveness or forgiveness.
For updates on the status of the Biden stimulus package and its entry into force, you can visit the topics “Stimulus check” Y “financial assistance” from the website of The New York Journal.
It may interest you:
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.