On March 11, 2021 Biden passed the American Relief Act at a price tag of $1.9 trillion.
The highlights:
- $1,400 direct checks for Americans earning up to $75,000 ($150,000 for couples), phasing out at $80,000 ($160,000 for couples)
- Extends the $300/week boost to unemployment benefits through August
- $350 billion to state and local governments
- $160 billion for vaccine development & distribution
- $130 billion to help reopen K-12 school and colleges
- $30 billion to help renters and landlords
- $50 billion for small businesses
- Raises child tax credit to up to $3,600 per child
Additionally, it will increase subsidies for health insurance up to $85 per month per person for those eligible starting April 1. you can update your marketplace application to realize the savings or it will be reconciled at tax time. Read more about that https://www.cms.gov/newsroom/fact-sheets/american-rescue-plan-and-marketplace?utm_campaign=hcgov_ab&utm_content=english&utm_medium=email&utm_source=govdelivery