What is a recent bill passed by Congress? One notable piece of legislation that has recently been approved by the United States Congress is the “American Rescue Plan Act of 2021.” This bill was signed into law by President Joe Biden on March 11, 2021, and aims to provide substantial financial relief and support to individuals, businesses, and state and local governments affected by the COVID-19 pandemic.
The American Rescue Plan Act of 2021 is a comprehensive piece of legislation that addresses several key areas. Firstly, it provides direct financial assistance to eligible individuals in the form of a third round of Economic Impact Payments, also known as stimulus checks. These payments are designed to help families cover basic expenses and maintain financial stability during the ongoing economic downturn.
In addition to individual assistance, the bill also offers significant support to small businesses and non-profits. It provides funding for the Paycheck Protection Program (PPP), which was initially established to help businesses keep their employees on payroll during the pandemic. The new legislation expands the eligibility criteria for PPP loans and increases the maximum loan amounts available to businesses.
Furthermore, the American Rescue Plan Act allocates substantial funding to state and local governments, recognizing the significant fiscal strain they have faced due to the pandemic. This funding is intended to help governments cover lost revenue, provide essential services, and address the economic challenges caused by the crisis.
One of the most significant provisions of the bill is the extension of unemployment benefits. The legislation extends the enhanced unemployment benefits provided under previous legislation, which included an additional $300 per week in federal unemployment insurance. This provision is aimed at helping individuals who have lost their jobs or seen their hours reduced due to the pandemic.
The American Rescue Plan Act also includes provisions to address the health and educational challenges posed by the pandemic. It provides funding for vaccine distribution and testing efforts, as well as support for schools to implement safety measures and provide remote learning options for students.
Overall, the recent bill passed by Congress, the American Rescue Plan Act of 2021, represents a significant effort to provide relief and support to those most affected by the COVID-19 pandemic. By addressing financial, health, and educational challenges, the bill aims to help the United States recover and rebuild stronger than before.
