Here’s what’s in Biden’s $1.9T coronavirus relief package

President Biden’s sweeping $1.9 trillion coronavirus relief package has cleared Congress and is on the way to his desk for signing on Friday.

That means $1,400 stimulus checks could soon be out the door for most Americans, along with increases to child tax credits, extensions of unemployment benefits and billions in dollars of aid for municipalities and schools.

Here’s a look at what’s in Biden’s “American Rescue Plan”:

• $1,400 direct payments to individuals earning less than $75,000, heads of households earning less than $112,500 and married couples earning less than $150,000.
• Phase-outs begin after that, cutting off completely at $80,000 for individuals, $120,000 for heads of households and $160,000 for couples. Biden’s name will not be on the checks.
• Federal unemployment payments of $300 per week would be extended through Sept. 6. 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 measure also 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.
• $350 billion for state, local and tribal governments for costs incurred until the end of 2024.
• $170 billion to help reopen schools safely.
• $25 billion for a Restaurant Revitalization Fund through the Small Business Association for restaurants, bars, food trucks and caterers. Also provides another $7.25 billion for the Paycheck Protection Program.
• Increases the child tax credit amount from $2,000 to $3,000 for children between the ages of 6 and 16, and to $3,600 for children under the age of 6.
• $20 billion for emergency rental assistance.
• $810 million for Pandemic EBT Benefits and $227 million to extend the 15% increase in SNAP benefits through September.

Herald wire services contributed.

from Boston Herald https://ift.tt/3l6rcw0