On March 11, 2021, President Joe Biden signed the American Rescue Plan Act of 2021 (HR 1319) which provides funding for:
- Agriculture and nutrition programs, including the Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program);
- Schools and institutions of higher education;
- Childcare and programs for older Americans and their families;
- COVID-19 vaccinations, testing, treatment, and prevention;
- Mental health and substance-use disorder services;
- Emergency rental assistance, homeowner assistance, and other housing programs;
- Payments to state, local, tribal, and territorial governments for economic relief;
- Multiemployer pension plans;
- Small business assistance, including specific programs for restaurants and live venues;
- Programs for health care workers, transportation workers, federal employees, veterans, and other targeted populations;
- International and humanitarian responses;
- Tribal government services;
- Scientific research and development;
- State, territorial, and tribal capital projects that enable work, education, and health monitoring in response to COVID-19; and
- Healthcare providers in rural areas.
The bill also includes provisions that:
- Extend unemployment benefits and related services;
- Make up to $10,200 of 2020 unemployment compensation tax-free;
- Make student loan forgiveness tax-free through 2025;
- Provide a maximum recovery rebate of $1,400 per eligible individual;
- Expand and otherwise modify certain tax credits, including the child tax credit and the earned income tax credit;
- Provide premium assistance for certain health insurance coverage; and
- Require coverage, without cost-sharing, of COVID-19 vaccines and treatment under Medicaid and the children’s health insurance program (CHIP).
More in depth analysis of this legislation is in progress and will be posted when it’s completed.
