United States President Joseph R. Biden on March 12 is scheduled to sign into law the $1.9 trillion American Rescue Plan federal relief package for individual, businesses and governmental bodies suffering the negative economic impact from the Coronavirus (COVID-19) Pandemics, including $14 billion to distribute vaccines.
The American Rescue Plan includes $50 billion in small business financial assistance, including $25B targeting small and mid-sized restaurants, and $7B more in forgiveness-eligible Paycheck Protection Program (PPP) loan funding for small businesses and not-for-profit organizations. There also is an unemployment benefit boost of $300 per week (down from $400).
State and local governments will receive aid totaling $350B, and $130B is allocated to assist elementary, middle and high school in safely reopening classrooms for in-person learning.
The relief package includes provides for $1,400 stimulus check payments to individuals with an adjusted gross income of $75K or less (down from $100K and then $80K) based on Fiscal Year 2020 and/or FY 2019 federal income tax returns and an expanded tax credit from $3K to $3.6K per child to be distributed in monthly installments.
With support from a coalition that includes the Elmhurst Chamber of Commerce and Industry, the U.S. Chamber of Commerce is urging the U.S. Congress to extend the PPP application deadline from March 31 through the end of 2021 (December 31).