The American Rescue Act is scheduled to be signed by the President later this week. This $1.9 trillion comprehensive relief package is designed to help state and local governments, unemployment insurance, those behind on rent and mortgage, and nonprofits and businesses negatively impacted. Below are some key takeaways.
- Direct financial stimulus payments of $1,400 to individuals making up to $75,000 or couples making no more than $150,000.
- Federal unemployment benefits would extend through September 6, 2021, at $300 weekly.
- Continued Eviction and Foreclosure Moratoriums until March 31 – Additional funding for those behind on mortgage, rent, and utility bills.
- Expanded Child Tax Credit of $3,000 for each child ages 6 to 17 and $3,600 for each child under the age of 6.
- While this plan does not include student loan forgiveness, it does include a provision that any student loan forgiveness passed between December 30th, 2020 and January 1, 2016, will be tax-free.
- $50 billion will pay for additional COVID-19 testing and contact tracing.
- About $13 billion to the state of Illinois to help with lost tax revenue.
- Will provide more assistance to the Payroll Protection Program for all nonprofits, including larger nonprofits previously excluded. The deadline for applying for the Payroll Protection Program is May 31, 2021. – We urge those who have not applied and wish to do so, please do so immediately!
Forefront will continue to provide updates as this and other decisions on a Federal level are finalized. Please contact Forefront’s Director of Policy and Advocacy, Bryan Zarou, at email@example.com with any questions.