American Rescue Plan Details: Tax Credit, COVID-19 Vaccine Funds : Coronavirus Updates ... - 0 views
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The Senate passed its version of the $1.9 trillion coronavirus relief bill on Saturday, paving the way for the plan to be taken up by the House on Tuesday or Wednesday before heading to President Biden's desk for his signature.
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The colossal package known as the American Rescue Plan allocates money for vaccines, schools, small businesses and anti-poverty programs such as an expanded child tax credit that would mean new monthly payments to many parents.
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Republicans are expected to universally oppose the bill, arguing that they were effectively shut out of the process through reconciliation and that the package is too broad, saying only 9% of the funds go directly toward COVID-19 relief.
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But Democrats counter that the bill takes a holistic look at the entire American economy and how it was affected by the pandemic.
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Senate Democrats agreed to lower the income cutoff at which payments phase out from $100,000 to $80,000 for individuals, and from $200,000 to $160,000 for couples filing jointly, following demands from moderate Democrats.
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Progressive Democrats vigorously pursued including a minimum wage hike in this legislation, which would have gradually increased the federal minimum wage to $15 an hour by 2025.
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Individuals earning up to $75,000 and couples earning up to $150,000 would receive the full direct payments of $1,400 per person. Individuals will also receive an additional $1,400 payment for each dependent claimed on their tax returns.
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"The major pieces of the bill — payments to individuals, extended unemployment, money for states and localities, money for schools — all of those things were in the COVID package that passed last year that all the Republicans voted for. So they were OK then, but they're not OK now, and I frankly can't really figure out that argument."
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Under the Senate version, federal unemployment insurance payments will remain at $300 per week — down from $400 per week
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The bill includes $7.25 billion in new money for the small-business loan program known as PPP and would allow more nonprofits to apply, including those groups that engage in advocacy and some limited lobbying. It also allows larger nonprofits to be eligible.
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There are over $128 billion in grants to state educational agencies, with 90% allocated to local educational agencies, plus $39 billion in grants to higher education institutions.
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The bill includes $4.5 billion for the Low Income Home Energy Assistance Program, known as LIHEAP, to help families with home heating and cooling costs.
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The Centers for Disease Control and Prevention is set to receive $7.5 billion to track, administer and distribute COVID-19 vaccines. Another $46 billion would go toward diagnosing and tracing coronavirus infections, and $2 billion would go toward buying and distributing various testing supplies and personal protective equipment.
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There is $25 billion for emergency rental assistance, including $5 billion for emergency housing vouchers for people experiencing homelessness, survivors of domestic violence and victims of human trafficking.