- For those without children, the American Rescue Plan increased the Earned-Income Tax Credit from $543 to $1,502.
- For those with children, the American Rescue Plan increased the Child Tax Credit from $2,000 per child to $3,000 per child for children over the age of six and $3,600 for children under the age of six – and raised the age limit from 16 to 17.
- The American Rescue Plan also increased and expanded the Child and Dependent Care Tax Credit, making more people eligible and increasing the total credit to $4,000 for one qualifying individual and $8,000 for two or more.
Sign up for Department of Treasury updates for more info on how tax credits will work.
The American Rescue Plan extended unemployment benefits until September 6 with a weekly supplemental benefit of $300 on top of the regular $400 benefit.
The first $10,200 of unemployment benefits will be tax-free for people with incomes less than $150,000.
Learn more about how to file for unemployment insurance at the U.S. Department of Labor’s resource page.
The American Rescue Plan will provide emergency grants, lending, and investment to hard-hit small businesses so they can rehire and retain workers and purchase the health and sanitation equipment they need to keep workers safe.
The American Rescue Plan also includes a Small Business Opportunity Fund to provide growth capital to main street small businesses in economically disadvantaged areas, including minority-owned businesses
For small business guidance and loan resources, visit the U.S. Small Business Administration’s resource page.
The American Rescue Plan will lower or eliminate health insurance premiums for millions of lower- and middle-income families enrolled in health insurance marketplaces. This will help well over a million uninsured Americans gain coverage.
A family of four making $90,000 could see their monthly premium come down by $200 per month.
The American Rescue Plan provides a 100% federal continuation health coverage (COBRA) subsidy through September 1, ensuring that those who lose their jobs or lose their health care due to reduced hours don’t lose their health care.
President Biden opened a special health care enrollment period through May 15. You can sign up for health insurance at healthcare.gov.
You can learn more about COBRA at the U.S. Department of Labor’s resource page.