American Rescue Plan offers many more benefits than coronavirus stimulus checks

For most people, the American Rescue Plan is the source of a third stimulus check of up to $1,400. In reality, the stimulus checks are just one part of the massive $1.9 trillion plan. The American Rescue Plan offers many additional benefits to people apart from the coronavirus stimulus checks. Q1 2021 hedge fund letters, […]
American Rescue Plan offers many more benefits than coronavirus stimulus checks
Image credit: jewhisperer / Pixabay via Valuewalk

Free Book Preview Money-Smart Solopreneur

This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success.
3 min read
This story originally appeared on ValueWalk

For most people, the American Rescue Plan is the source of a third stimulus check of up to $1,400. In reality, the stimulus checks are just one part of the massive $1.9 trillion plan. The American Rescue Plan offers many additional benefits to people apart from the coronavirus stimulus checks.

Q1 2021 hedge fund letters, conferences and more

Coronavirus stimulus checks is just one benefit

Most people are only concerned about the coronavirus stimulus checks that the American Rescue Plan offers. However, the $1.9 trillion plan offers many more benefits that could help people get more money than the stimulus checks. Some of these benefits are mentioned below:

Additional Child Tax Credit up to $1,600 – the American Rescue Plan raises the maximum credit from $2,000 to $3,000 per child ($3,600 for children under age 6). Also, it extends the child tax credit to 17-year-olds.

Earned Income Tax Credit – the latest relief plan offers expanded EITC (Earned Income Tax Credit) for low-paid adults without minor children at home. The American Rescue Plan raises the maximum EITC for eligible people from around $540 to around $1,500. It also raises the income cap from about $16,000 to at least $21,000.

Additional credit to reduce health premium – those who already registered for the health premium tax credit, including those who got through the 2021 Special Enrollment Period, need to update their application to benefit from this provision under the American Rescue Plan.

More funds for Low-Income Home Energy Assistance Program – those who need this benefit can apply for the same online, or by calling 1-800-342-3009.

Enhanced Child and Dependent Care Credit – under this benefit, eligible families will get a tax credit on childcare expenses spent on children below 13 years of age.

More benefits under American Rescue Plan

Increase in SNAP benefits – the plan extends a 15% increase in SNAP benefits through September. The additional benefits were set to expire in June. It also allows states to continue the Pandemic EBT (P-EBT) program. Moreover, it also sets aside funds to further improve the WIC nutrition program.

COVID-19 funeral expenses – those who lost their loved ones because of COVID-19 can get reimbursement for funeral costs. As per the latest plan, families who had to pay for a funeral can claim up to $9,000 per funeral.

Unemployment benefit – the American Rescue Plan extends the unemployment benefits that were reinstated by the December relief package. The extra $300 weekly unemployment benefits were set to expire by mid-March, but the American Rescue Act extends them through September 6.

Shuttered Venues Grant Program – this program sets aside more than $16 billion for shuttered venues. Eligible people may get up to 45% of their gross earned revenue, with the maximum limit being $10 million. For more details on the program, visit this link.

Housing assistance – the American Rescue Plan offers assistance to millions who are unable to pay rent and are facing eviction.

More from Entrepreneur
Entrepreneur Select: A Fund For Entrepreneurs, By Entrepreneurs

Entrepreneurs require more than just money, which is why we aim to empower you, as well as act as a catalyst for value creation.

Discover the franchise that’s right for you by answering some quick questions about
  • Which industry you’re interested in
  • Why you want to buy a franchise
  • What your financial needs are
  • Where you’re located
  • And more
Try a risk-free trial of Entrepreneur’s BIZ PLANNING PLUS powered by LivePlan for 60 days:
  • Get step-by-step guidance for writing your plan
  • Gain inspiration from 500+ sample plans
  • Utilize business and legal templates
  • And much more

Latest on Entrepreneur