The Senate recently passed a $1.9 trillion American Rescue Plan Act designed to provide economic relief to Americans and businesses impacted by the COVID-19 pandemic.
Here are the major highlights:
- Direct $1,400 stimulus payments to individuals with annual adjusted gross incomes (AGIs) of $75,000 or less and couples with annual AGIs of $150,000 or less. Plus, $1,400 for each dependent child.
- Extended unemployment benefits of $300 a week through September 6, 2021.
- Temporarily expanded Child Tax Credit for 2021 with payments of $3,000 annually per child ages 6 to 17 ($3,600 per child under age 6) for qualifying couples and individuals.
- Tax provision that any student loan forgiveness passed between December 31, 2020 and January 1, 2026 will be tax free.
- Additional funding for the COVID-19 pandemic response including virus testing, contract-tracing, vaccine distribution, and more.
President Biden is expected to sign the bill soon. When available, we will send additional information on the American Rescue Plan Act. In the meantime, please feel free to reach out to us with any questions or for more information.