Biden Signs $1.9 Trillion Covid Relief Bill Into Law
Updated: Mar 12, 2021
On Thursday, President Biden signed his $1.9 Trillion Covid-19 Relief Bill into law. The passage of the relief bill has Biden's primary legislative priority since taking office in January.
Said Biden, "This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country, a fighting chance."
The legislation includes additional stimulus checks of $1,400 per person for many Americans. Individuals who earn less than $75,000 a year and couples that earn less than $150,000 are eligible for the full checks. Qualifying families with children will also receive an additional $1,400 per dependent. The payments will phase out for those who earn higher incomes with a qualifying income cap of $200,000 for couples and $100,000 for individuals. The government says some Americans may receive their checks as soon as this weekend.
The unemployed will also receive a $300 weekly federal boost to unemployment benefits through Sept. 6. The first $10,200 of unemployment payments will also be tax-free for households with annual incomes of $150,000 or less.
The bill will also send $20 Billion to state and local governments to help low-income households cover back rent, rent assistance and utility bills. Another roughly $10 billion will be allocated to help struggling homeowners with their mortgage and property taxes.
Most families with children will also qualify for a larger child tax credit in 2021, receiving up to $3,600 credit for each child under 6 and $3,000 for each child under 18.
Aid for small businesses, food stamps and federal subsidies for health insurance are also a part of the bill.
The relief bill is meant to help steady the economy as it recovers from the pandemic-induced recession from last year. The latest economic reports are showing some positive indications that the economy may be on the road to recovery, albeit slowly.
Photo Source: whitehouse.gov