$1.9T coronavirus relief final vote kicks off Wednesday morning

At 10 a.m. Wednesday, the final vote on $1.9 trillion “American Rescue Plan” will be gaveled into action by Bay State U.S. Rep. Richard Neal.

“As chair of the Committee on Ways and Means, Congressman Neal will speak in support of and manage the House floor during debate on the American Rescue Plan Act,” his office announced. The live stream will be carried on C-Span.

The last stop will be President Biden’s desk.

The massive package includes direct payments to most Americans, aid to small businesses, financial help for schools and much more to help the country recover from the financial ravages of the pandemic.

The timing is crucial as some pandemic unemployment benefits will be coming to an end on Sunday.

Millions of taxpayers could begin see direct benefits almost immediately, some later this month and others taking several months to appear.

• The legislation provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount, as would married couples with incomes up to $150,000.
• The size of the check would shrink for those making slightly more, with a hard cut-off at $80,000 for individuals and $160,000 for married couples.
• Biden said the goal is to send out the payments starting this month.
• Treasury is working to get more payments to taxpayers by direct deposit. The agency will be able to send direct deposit payments to those who have their information on file from 2019 or 2020 tax filings or who provided it through other programs.
• Biden’s signature will not appear on the checks.
• Expanded unemployment benefits from the federal government would be extended through Sept. 6 at $300 a week. That’s on top of payments from state unemployment insurance program.
• The first $10,200 of jobless benefits would be non-taxable for households with incomes under $150,000 but only for benefits from 2020. The IRS will have to issue guidelines on how to put this into practice.
• Additionally, the measures provides a 100% subsidy of COBRA health insurance premiums to ensure that the laid-off workers can remain on their employer health plans at no cost from April 1 through the end of September.

from Boston Herald https://ift.tt/38sEpKy