Direct Payments: Individuals with incomes of up to $75,000 and couples earning up to $150,000 who file taxes and are not dependents will receive a $1,400 direct payment per person. Direct payments have started and some may have already received the direct deposit starting Friday. These payments will likely come in the next few days or weeks.
The bill includes eligibility for adult dependents for the first time. The previous two rounds were limited to children under age 17. Every adult with dependents will receive a payment of $1,400 per dependent.
Mixed immigration status families where one parent or household member has an SSN or ITIN number and made less than $75k will also get the $1,400 payment.
Remember: Eligibility for the stimulus checks in the American Rescue Plan is based on your most recent taxes. To receive your check as quickly as possible, file your 2020 taxes electronically so that the IRS has your income and direct deposit information on file.
An online tracker to check on the status of your third stimulus payment will be available soon.
Child Tax Credit: The Rescue Plan expands an existing tax credit that will send monthly payments for every child of parents/guardians who meet certain income requirements. Families will receive an annual total of $3,600 for each child under 6 and $3,000 for each child between 6 and 17 years old. This program will begin in the next few months and will last for one year.
Single taxpayers earning up to $75,000 and married couples earning up to $150,000 would receive the full credit of either $3,000 or $3,600 per child. Families who earn too much to qualify for the expanded tax credits can still claim the base $2,000 credit for their children provided their incomes are below the current thresholds of $200,000 for single taxpayers and $400,000 for married couples.
Vaccine Rollout: $20 billion will be invested in a coordinated, nationwide vaccine program to make sure we have enough vaccines for all Americans and that those vaccines get to all Americans quickly and equitably. By using community vaccination centers, mobile vaccination units and more, we will help bring vaccines right into communities like ours that have been hardest hit by COVID and have had the least access to vaccines.
It will also scale up testing and tracing, address shortages of personal protective equipment and other critical supplies, invest in high-quality treatments, and address health care disparities.
Reopening Schools: Nearly $130 billion will become available to states and school districts to support K-12 schools. This relief will allow states and school districts to work with public health experts to design plans to safely reopen schools and make up for lost time in the classroom.
Housing and Rental Assistance: Funding will go to state and local governments for housing and rental assistance, helping people pay their rent and keep their homes.
Small Business Help: There is funding to help small businesses (especially in underserved communities) to get back on their feet. It will provide billions to the Economic Injury Disaster Loan and Paycheck Protection Program (PPP) programs.
The bill does a lot more, but these are the main ways that you will see how the American Rescue Plan supports families during this recovery. More information here.
