{"id":1355,"date":"2021-02-06T05:50:08","date_gmt":"2021-02-06T09:50:08","guid":{"rendered":"https:\/\/www.saudercpa.com\/blog\/?p=1355"},"modified":"2021-02-06T08:39:01","modified_gmt":"2021-02-06T12:39:01","slug":"the-american-rescue-plan","status":"publish","type":"post","link":"https:\/\/www.saudercpa.com\/blog\/2021\/02\/06\/the-american-rescue-plan\/","title":{"rendered":"The American Rescue Plan"},"content":{"rendered":"<p><em>&#8220;When we do the best we can, we never know what miracle is wrought in our life or the life of another.&#8221; \u2014\u00a0<strong>Helen Keller<\/strong>.<\/em><\/p>\n<p><strong>The American Rescue Plan<\/strong><\/p>\n<p>Following a year of challenges and days of seemingly never-ending rollercoaster rides across the business spectrum, more COVID-19 relief is awaiting finalization with President Biden&#8217;s American Rescue Plan (ARP). The bold and quick-action recovery plan includes the White Houses&#8217; initiative to &#8220;act expeditiously to help working families, communities, and small businesses persevere through the pandemic,&#8221; with rescue and recovery for a more better, more healthier, and more secure America.<\/p>\n<p>Key America Rescue Plan Bill Tax Provisions:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Raise the minimum wage for employees to $15 per hour.<\/li>\n<li>Revise the child tax credit as completely refundable for 2021, with an increased credit from $2,000 to $3,000 per child, and perhaps $3,600 for children younger than six years of age;<\/li>\n<li>An expansion of the earned income tax credit for 2021 taxpayers without dependents is $1,500. Additionally, increasing the threshold limit for the tax credit up to $21,000 with workers above retirement age being eligible for the credit as well;<\/li>\n<li>Introduction of an increase to the childcare tax credit to compensate for qualifying expenses for childcare expenses up to $4,000 per child or $8,000 for two or more children. This tax credit would be refundable to applicable taxpayers and accessible to any family making less than $125,000 a year, with threshold benefits up to $400,000 for joint filers.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Additional America Rescue Plan Bill Provisions<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>$1,400 relief payments per qualifying persons in addition to the $600 in December.<\/li>\n<li>Reinstate paid sick and family leave benefits until September 30 that expired at the end of December, to help provide relief for COVID-19 time off for workers;<\/li>\n<li>Increase Federal Pandemic Unemployment Compensation from $300 to $400 per week.<\/li>\n<li>An additional $15 billion in grants to the hardest-hit small businesses to help them back on their feet;<\/li>\n<li>Health insurance assistance for families;<\/li>\n<li>$25.0B Billion in pandemic rental assistance;<\/li>\n<li>$5.0B for struggling renters to cover energy and water costs;<\/li>\n<li>Aid for local municipalities to keep police, firefighters, and critical personnel working to keep communities safe and secure.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Nearly 70% of American&#8217;s approve of the stimulus. As the COVID-19 economic winter weather conditions continue, the approaching expansive economic roadwork costs should not make us discouraged. Don&#8217;t let your hope be uprooted. The yesterdays will likely not return, but there will be future new dawn ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;When we do the best we can, we never know what miracle is wrought in our life or the life of another.&#8221; \u2014\u00a0Helen Keller. The American Rescue Plan Following a year of challenges and days of seemingly never-ending rollercoaster rides across the business spectrum, more COVID-19 relief is awaiting finalization with President Biden&#8217;s American Rescue &hellip; <a href=\"https:\/\/www.saudercpa.com\/blog\/2021\/02\/06\/the-american-rescue-plan\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The American Rescue Plan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/posts\/1355"}],"collection":[{"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/comments?post=1355"}],"version-history":[{"count":8,"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/posts\/1355\/revisions"}],"predecessor-version":[{"id":1363,"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/posts\/1355\/revisions\/1363"}],"wp:attachment":[{"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/media?parent=1355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/categories?post=1355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saudercpa.com\/blog\/wp-json\/wp\/v2\/tags?post=1355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}