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March 12, 2021

America Rescue Plan Act of 2021 Signed by President

President Biden recently signed legislation that provides $1.9 trillion in stimulus funding as part of a bill called, The American Rescue Plan. This bill provides essential economic relief to thousands of photographers and Americans who are adversely affected by a decrease in work opportunities.

Significant provisions contained in HR 1319 include:

  • Direct payments of $1,400 for taxpayers who earned less than $75,000 in their previously filed tax year and $2,800 for married couples who earned less than $150,000.
  • Federal unemployment benefits of $300 per week have been extended through September and an expansion to child tax credits can provide up to $3,600 per child in financial support.

Direct assistance payments will begin to be processed by the IRS in the coming weeks. If you have not used direct deposit for your tax returns, you should expect a check in the mail if you qualify.

An additional $7.25 billion in additional funding is dedicated to the Paycheck Protection Program (PPP) and $15 billion is dedicated towards Emergency Injury Disaster Loans (EIDL). The application deadline for the PPP remains March 31, 2021.

The American Rescue Plan also requisitions $130 billion to educational institutions to cover the cost of reopening and student aid. State and local governments whose revenue declined as a result of the pandemic will receive $350 billion. Another $160 billion is dedicated towards vaccine development and distribution.

Student loan forgiveness was not contained in this bill, but there have been indications that a standalone bill will be brought forward in the coming months to address that issue.

A full bill breakdown will be coming in the next update as there are many more components to this legislation. For more information about the various financial assistance programs available to you, check out our webinars: https://www.ppa.com/inittogether/resources.

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