What Is the American Rescue Plan? The American Rescue Plan Act of 2021 is a $1.9 trillion coronavirus rescue package designed to facilitate the United States' recovery from the devastating economic and health effects of the COVID-19 pandemic. The nearly $2 trillion price tag makes this economic rescue legislation one of the most expensive in U.S. history. It is one part of President Biden’s Build Back Better plan, which also includes the American Jobs Plan and the American Families Plan. The package includes direct stimulus payments of $1,400, extending unemployment compensation, continuing eviction and foreclosure moratoriums, and increasing the Child Tax Credit while making it fully refundable . It provides funds for state and local governments to help compensate for lost tax revenues, money for schools from kindergarten through eighth grade to safely reopen amid the pandemic, and subsidizes COVID-19 testing and vaccination programs. The American Rescue Plan was part of President Biden’s Build Back Better Plan, a legislative agenda that included the American Jobs Plan and American Family Plan. Neither the jobs nor family plan passed Congress, but parts of each made their way into the Inflation Reduction Act , passed in August 2022. Key Takeaways The American Rescue… Read full this story
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