American Rescue Plan offers economic growth for Americans


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Those eligible for stimulus checks will either receive them in the mail or as a direct deposit to their bank account, which is determined by how citizens chose to receive their 2019 tax refund.

It’s officially spring, but many Americans are not just looking forward to blossoming nature – they are also hopeful for a recovering economy. Biden’s latest approved stimulus plan is offering hope to millions who have struggled during the pandemic. 

Throughout Biden’s presidential campaign, he promised to work on a stimulus bill as soon as he was inaugurated. Recently, the bill passed through Congress- with some revisions to Biden’s original proposal – and it’s offering relief to many Americans. According to Biden’s campaign website, his goals for the stimulus package included additional checks; student loan forgiveness; an increased amount included in monthly social security checks; paid emergency sick leave; financial relief to states; and free COVID-19 testing, treatments and vaccines. 

Americans are abuzz with news of $1,400 stimulus checks, though this is just one part of the bill. The checks will be available to citizens who make an adjusted gross income less than or equal to $75,000. Additional money will be available for citizens with children, though a social security number will be required to receive a stimulus check. Eligibility for the checks will be determined by tax returns from the previous year, but there are resources available for people who have not yet filed tax returns to still receive benefits (for example, 18 or 19 year olds who have not previously had a job may not have ever filed a tax return).

Biden’s goal of free COVID-19 vaccine shots was also achieved in this bill, which works in conjunction with his goal to vaccinate 100 million Americans in his first 100 days. He achieved this goal just 58 days into his term. 

In a recent Twitter post, Biden summarized the stimulus bill, AKA the American Rescue Plan: “Shots in arms, money in pockets.”

Additionally, the government-based health insurance program known as the Consolidated Omnibus Budget Reconciliation Act (COBRA) is affected by this bill. Typically, COBRA allows people who have recently lost their job to buy health insurance through their previous employer, but it can quickly become unaffordable. From April 1 to September 30 of 2021, the government will pay for COBRA premiums, which will make this an affordable option for thousands facing unemployment. 

Biden’s other goal of student loan forgiveness was not achieved in this bill. However, former President Trump’s stimulus plan allowed student loan payments to be deferred, and Biden’s bill will allow this to continue. In particular, Biden’s plan addresses interest on student loans, and it essentially prevents interest from collecting on debt payments while loan payments are suspended. 

Other achievements in the bill include: the first $10,200 earned in unemployment during 2020 will not be taxable, 

unemployment can be extended until September, Americans can receive up to $300 per week through unemployment and the government will offer up to $7,000 to cover COVID-19 related funeral costs. 

In a hopeful sentiment in an interview with “Now This,” US Representative Alexandria Ocasio-Cortez stated, “Did we get things that are going to change people’s lives? Absolutely.”