Ann Richards’s granddaughter, Lily Adams, will be joining the Treasury Department to promote Biden’s stimulus package, a $1.9 trillion American Rescue Plan.
The Texas-native had previously worked with Vice President Kamala Harris during her presidential bid. Her new post plays a key role in implementing the ARP nation-wide. She is set to calibrate the entire stimulus package campaign, underscoring the close linkage between the White House and Treasury.
Biden’s stimulus package means good news for Texas, it includes money for COVID-19 vaccines, schools, small businesses, and anti-poverty programs, including the child tax credit.
In short, the money is set to relieve the health crisis but also the economic issues that the pandemic has created as a consequence of lockdowns and lack of economic activity across the country.
Some of the highlights include:
Direct payments
People with a salary up to $75,000 and couples earning up to $150,000 will receive full direct payment of $1,400 per person. Individuals will also receive an additional $1,400 payment for each dependent claimed on their tax returns.
Unemployment benefits
Federal unemployment insurance payments will remain at $300 per week.
Child tax credit
The legislation temporarily expands the child tax credit, increasing the amount to $3,000 for children ages 6 to 17 and $3,600 for children under age 6.
Paycheck Protection Program
Small business will be able to apply for a loan program as PPP, the bill will allow non-profits to apply as well.
Education
The bill contemplates $128 billion in grants to state educational agencies. Around $15 billion in funds will go to the Child Care & Development Block Grant program to help support child care facilities, particularly in high-need areas.
Rental assistance
$25 billion for emergency rental assistance, including $5 billion for emergency housing vouchers for people experiencing homelessness, survivors of domestic violence, and victims of human trafficking.
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