The U.S. House of Representatives formally passed the final version of the American Rescue Plan legislative package today. This package will provide much-need financial relief to our nation as we continue to confront the COVID-19 pandemic. President Biden is expected to sign the Act into law on Friday, March 12th.
The American Rescue Plan's provisions are well-timed to shore up our state's and the nation's economy and protect West Virginians from the financial impact of the COVID-19 pandemic. The relief measures are aimed to reach West Virginia families who face the greatest health risks and the worst financial fallout. Highlights of the package include:
- $1,400 stimulus checks for 85% of households across the nation
- increased health insurance premium subsidies available through our state health insurance marketplace
- expanded unemployment benefits
- expanded Earned Income Tax Credit and Child Tax Credit that will provide up to $3,000 per child under 17
- food assistance and WIC increases
- new housing assistance
- funding for K-12 schools
- federal funding for states and local communities to cover unexpected COVID-related costs and to offset the pandemic’s impact on their revenues (to help ensure the funds are spent as intended, the Act requires that any state adopting tax cuts that lose revenue on net lose an equivalent amount in federal aid)
Here are some resources that provide good summaries of what is in the final package:
- 16-page overall title-by-title summary of the legislation’s provisions for those who want more detail
- summary analysis of how the legislation is designed to help the families with the greatest need - prepared by our colleagues at the D.C.-based Center on Budget and Policy
- Summary of the bill from the Washington Post
- Georgetown Center for Children and Families
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