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President Biden and Congress, in their continued efforts to offer additional relief to Americans, signed the American Rescue Plan Act (ARPA) into law on March 11, 2021. As anticipated, the fiercely negotiated bill will deliver $1.9 trillion dollars of relief aid to people, businesses, schools and governmental agencies. Just as the second stimulus bill was passed days before the expiration of benefits provided under the CARES Act, this relief bill arrived just in time to ensure continuation of benefits provided by the Consolidated Appropriations Act.
What should you know about the American Rescue Plan Act? First off, let’s recap what we covered in my last article:
Additionally, the Act includes:
Some items did not make the cut. These include:
The American Rescue Plan, which aimed to speed up the United States’ recovery from the economic and health effects of the Covid-19 pandemic and the ongoing recession, was a massive undertaking. Time will tell if it provides relief to those who most need help.
Sources:
https://home.treasury.gov/news/featured-stories/fact-sheet-the-american-rescue-plan-will-deliver-immediate-economic-relief-to-families
https://rsmus.com/what-we-do/services/tax/federal-tax/president-biden-signs-american-rescue-plan-act-of-2021.html
https://www.lexology.com/library/detail.aspx?g=60c938d0-81b4-4ac9-a70c-9402805509eb
https://www.jdsupra.com/legalnews/american-rescue-plan-act-and-changes-to-4753861/
https://www.taxact.com/support/25710/2020/american-rescue-plan-unemployment-exclusion/
https://edtrust.org/resource/the-american-rescue-plan-act-of-2021-whats-in-it-for-equity/