{"id":7386,"date":"2021-03-09T12:53:59","date_gmt":"2021-03-09T17:53:59","guid":{"rendered":"http:\/\/www.greaterlouisville.com\/?p=7386"},"modified":"2021-03-09T13:14:35","modified_gmt":"2021-03-09T18:14:35","slug":"whats-in-the-american-rescue-plan-act","status":"publish","type":"post","link":"https:\/\/www.greaterlouisville.com\/advocacy-and-legislation\/whats-in-the-american-rescue-plan-act\/","title":{"rendered":"What&#8217;s in the American Rescue Plan Act?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Congress is expected to pass the American Rescue Plan tomorrow morning, with President Joe Biden likely to sign it into law shortly thereafter. The $1.9 trillion COVID relief bill is expansive and includes numerous provisions that will directly affect Greater Louisville. See below for some of the bill\u2019s key provisions.\u00a0<\/span><\/p>\n<p><!--more--><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Direct economic impact payments of $1400 per individual. single filers with incomes up to $75,000, head of household filers with incomes up to $112,500, and joint filers with incomes up to $150,000 will receive the full payment of $1,400. Payments are phased out for single filers making $80,000, head of household filers making $120,000, and joint filers making $160,000.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Child Tax Credit is expanded. The credit will become fully refundable for 2021 and will increase from $2000 per child to $3000 per child or $3600 for children under the age of six. Payments will be based on 2019 or 2020 tax returns. single filers earning up to $75,000, head of household filers earning up to $112,500, and joint filers earning up to $150,000 would be eligible to receive the full refundable credit. The credit is phased out for incomes above these thresholds.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Extended unemployment insurance benefits through September 6, 2021, and maintains the weekly supplement unemployment benefit at $300 per week.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$7.25 billion for the Paycheck Protection Program<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$28.66 billion for a Restaurant Revitalization Fund<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$15 billion for Economic Injury Disaster Loan program<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Extended Employee Retention Tax Credit through December 31, 2021 and increased eligibility and applicability.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Extended Payroll Tax Credit for paid sick leave and paid family and medical leave.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$350 billion for states and localities for economic relief (Coronavirus Relief Funds) with new eligible expenses including:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Investment in water, sewer, and broadband infrastructure<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Retention of essential workers and premium pay<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Ineligible expenses include pensions and tax cuts<\/span><\/li>\n<li aria-level=\"2\">Kentucky is expected to receive a total of $4.2 billion of these funds with $2.4 billion for the state, $445 million for Metro Cities, $886 million for counites, in addition to other funds.<\/li>\n<li>Indiana is expected to receive a total of $5.8 billion of these funds with $3 billion for the state, $853 million for Metro Cities, $1.3 billion for counites, in addition to other funds.<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$39 billion for the Child Care and Development Block Grant and an expansion of the Child and Dependent Care Tax Credit.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expanded subsidies in the Affordable Care Act Marketplace, including removal of the subsidy cap for individuals with incomes at 400 percent of the poverty line, a cap on 8.5 percent of an individual\u2019s income for silver plan premiums, a provision allowing individuals below 150 percent of the poverty line to pay no premiums.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$27.5 billion for rental assistance, $10 billion for homeowners, and $5 billion for utility payments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$20 billion to support COVID-10 vaccine deployment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$51 billion for testing and contract tracing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$130 billion to support the reopening of K-12 schools (for example: improving ventilation systems, reducing class sizes, and educational remediation)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$40 billion for colleges and universities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Forgiven student loan debt will not be considered taxable income for the years 2020 to 2026.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stabilization of multiemployer pension plans.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New funding to address health disparities.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Note, the Senate version of the bill did not include a federal minimum wage increase. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congress is expected to pass the American Rescue Plan tomorrow morning, with President Joe Biden likely to sign it into law shortly thereafter. The $1.9 trillion COVID relief bill is expansive and includes numerous provisions that will directly affect Greater Louisville. See below for some of the bill\u2019s key provisions.\u00a0<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[247],"tags":[],"class_list":["post-7386","post","type-post","status-publish","format-standard","hentry","category-advocacy-and-legislation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What&#039;s in the American Rescue Plan Act? &ndash; One Louisville<\/title>\n<meta name=\"description\" content=\"Congress is expected to pass the American Rescue Plan tomorrow morning, with President Joe Biden likely to sign it into law shortly thereafter. 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