House Democrats passed a massive $1.9 trillion COVID-19 relief bill, aimed at providing much-needed financial assistance to Americans in need.
How much can an individual receive?
As announced, an individual is entitled to receive $1400 stimulus checks if they earn less than or equal to $75000 in annual income. Couples who earn up to $150,000 collectively, are also entitled to receive the stimulus checks. Individuals who earn less than $80,000 in annual income and couples who are earning less than $160,000 are entitled to receive additional partial payments as well.
A child tax credit is also included in this bill which means families with children are eligible to receive $3000 per child for a year. For every child under 6 years of age, the family will receive about $3600. For children who are 6 years old, and above, the families will receive $3000 per child. The benefits are scheduled to phase out for households with 112,500 annual income or couples with $150,00 annual income.
Other attributes of American Rescue Plan:
The COVID-19 relief bill is also known as American Rescue Plan will transmit funds to state, local and tribal governments as well.
Under this bill, state governments and local counties will be entitled to get $350 billion in funds. They will also get an additional $50 billion for tracing the contractions of the virus and another $16 billion for vaccine distribution.
President Joe Biden has authorized $130 billion for K-12 education, to provide assistance for rental and mortgage cases, supporting the bars and restaurants as well as funding the health and nutrition programs.
As the circle of eligibility expands, it is also important to note that Americans who were earlier eligible for stimulus checks will not receive financial assistance this time around. The goal is to facilitate the majority of the population who has been struck badly by the coronavirus and needs assistance to get back on its feet. This is the third round of stimulus check payments, and by far the biggest amount is being distributed since the announcement of the American Rescue Plan.