American Rescue Plan: What Does it Mean for You and a Third Stimulus Check

Tax News What the American Rescue Plan means for you and a third stimulus check

In January, President Biden proposed a $1.9 Trillion emergency coronavirus relief plan, called the American Rescue Plan. As it stands today, the plan includes a third direct stimulus payment, expanded unemployment, and the expansion of tax credits for families with kids.

President Biden has said that the American Rescue Plan is a priority for him and things are evolving quickly. We know how important these funds are to you, but no new law has been passed, yet, authorizing these payments. 

We are monitoring closely and will continue to update this post with the latest news and information as it evolves below:

February 16: The bill is currently working through congress, where changes could be made prior to a vote. If the House of Representatives passes the plan, it will then go to the Senate for discussion and voting and then to the President for signature.

February 27: The COVID Relief legislation, known as the American Rescue Plan, passed the House of Representatives and has been sent to the Senate for discussion and voting. As it stands today, the legislation includes a $1400 stimulus check for eligible Americans and further tax relief through an expanded Child Tax Credit and Earned Income Tax Credit.

March 6: The American Rescue Plan passed the Senate today. As it stands today, the legislation agreement includes a $1,400 stimulus check for eligible Americans, expanded unemployment, and tax relief on unemployment benefits for households making under $150,000. The amended legislation will now go back to the House for passage before being sent to the President to be signed into law.

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