What You Need to Know
- For households who have already filed 2020 tax returns, the IRS will use that information to determine eligibility for checks and size of payments.
- Biden said over 85% of American households will get direct payments of $1,400 per person.
- Biden plans to hold a televised address Thursday evening about the pandemic.
President Joe Biden signed into law Thursday afternoon the $1.9 trillion stimulus plan, the American Rescue Plan Act of 2021.
The House voted to pass the Senate version of the bill Wednesday; the Senate passed the American Rescue Plan Saturday.
Biden said in televised remarks Saturday that over 85% of American households will get direct payments of $1,400 per person.
This afternoon, I’m signing the American Rescue Plan – a historic bill that will turn the page on this pandemic and jumpstart our economy. Tune in. https://t.co/hJiZRDFyAC
— President Biden (@POTUS) March 11, 2021
The bill extends federal unemployment payments of $300 through Sept. 5, and also provides $15 billion in new funding for Economic Injury Disaster Loans (EIDL) as grants. Nonprofits and news services are allocated $7 billion in Paycheck Protection Program funds.