Business

Here's What's In The American Rescue Plan


Olivier Douliery/AFP via Getty Images The House gave final approval to the $1.9 trillion coronavirus relief bill on Wednesday, passing it to President Biden's desk for his signature.


The colossal package known as the American Rescue Plan allocates money for vaccines, schools, small businesses and anti-poverty programs such as an expanded child tax credit that would mean new monthly payments to many parents.


Republicans have argued that they were effectively shut out of the process through reconciliation and that the package is too broad, saying only 9% of the funds go directly toward COVID-19 relief.


But Democrats counter that the bill takes a holistic look at the entire American economy and how it was affected by the pandemic.


The Senate version added a provision to make any student loan forgiveness passed between Dec. 31, 2020, and Jan. 1, 2026, tax-free — rather than having the forgiven debt be treated as taxable income.


The Centers for Disease Control and Prevention is set to receive $7.5 billion to track, administer and distribute COVID-19 vaccines.






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