$1.9 Trillion Deal: The Covid-19 Stimulus
by Anthony De Leon
2020 was a difficult year for everyone. COVID-19 came and ruined a lot of things for many people around the world. Many people lost their jobs and weren’t able to put food on the table for their families. The U.S. government enacted several stimulus plans to help, the most recent coming in early March.
Because of COVID-19, many businesses were forced to temporarily close and by April 2020, more than 23 million people had filed for unemployment, bringing the unemployment level to 14.7%. The National Bureau of Economic Research declared a recession after the economy peaked in February 2021.
On March 11, 2021 President Joe Biden signed the most recent bill: a $1.9 trillion stimulus package known as the American Rescue Plan. This response focused on sending money to individuals, small and large businesses, and healthcare systems and hospitals to help in buying personal protective equipment to help with the global pandemic. All of this money went to the places listed below
Increasing the child tax credit up to $3,600 for children under five and $3,000 for ages 6-17
$350 billion for states and local governments
Continuing the unemployment benefits of $300 per week
Direct payments to families of $1,400 per adult and child for households making up to $75,000
Over $130 billion in grants to hospitals, health care systems, and providers A temporary increase of subsidies for people getting health insurance through the Affordable Care Act
$130 billion to schools and educational programs
The Democratic party fought for a federal minimum wage increase, but that was ultimately left out of the final bill.