WASHINGTON – Kentucky Rep. John Yarmuth, chairman of the House Budget Committee, released legislative text for the American Rescue Plan Act of 2021 on Friday, ahead of Monday’s margin in the House Budget Committee.
Text of the American Rescue Plan.
These are some of the main themes of the bill.
FINANCIAL
Unemployment Insurance Extension: $ 400 a week through August 29.
$ 15 Minimum salary:
$ 9.50 upon enactment of the bill
$ 11 at the 1-year mark
$ 12.50 at the 2-year mark
$ 14 at 3 years
$ 15.00 after four years.
Direct stimulus payments:
$ 1,400 per person for individuals earning $ 75,000 and couples earning $ 150,000.
$ 1,400 per eligible child.
Children of undocumented immigrants are eligible.
Child tax credit:
Parents of children under the age of 17 receive $ 3,000 per year up to $ 150,000 per couple.
Parents of children under the age of 6 receive $ 3,600 per year up to $ 150,000 per couple.
Advance and monthly tax payment
PAID HOLIDAYS
14 weeks of paid family and medical leave for COVID-19 reasons, including school closings.
Emergency sick leave pays to care for someone with COVID-19.
EDUCATION
$ 130 billion for K-12 schools
$ 40 billion for higher education
$ 40 billion for child care
FOOD AID
15% increase in SNAP
Enhanced Payments for WIC
HEALTH
$ 20 billion for vaccines national vaccine distribution, vaccine research and education.
$ 46 billion for testing.
Expands the tax credits for ACA premiums, including people 400% above poverty (income of $ 106,000 for a family of 4).
Fund a public health workforce
HOUSING ASSISTANCE
$ 19 billion for rental assistance
$ 10 billion for mortgage assistance
STATE AND LOCAL
$ 350 billion for state and local
SMALL COMPANIES
Extended PPP eligibility to include unions and nonprofits.
Disaster Economic Damage Loans.
Carved stand for restaurants.
TRANSPORT
$ 30,000 million for transit.
$ 8,000 million for airports.
PENSION RELIEF / SUPPORT
There is a lot of pension help in this bill. Here is a summary