The U.S. House of Representatives passed the final version of the COVID-19 relief plan on Wednesday. The bill received 220 ‘yea’ votes, with one Democrat and every single Republican voting against the measure.
The $1.9 Trillion plan, which now goes to President Biden for signature on Friday, will provide welcomed relief for families across the country still struggling with the ongoing effects of the pandemic.
Under the bill, individuals making $75,000 or less and married couples filing jointly who make $150,000 or less will receive the full $1,400 stimulus checks for each adult and each child in the household. Individuals making between $75,001 and $80,000, along with couples filing jointly who make between $150,001 and $160,000 can expect to receive a portion of the stimulus.
In addition, the bill provides roughly $100 billion for vaccine distribution, hundreds of billions to support states, cities and local school districts. It also supports small businesses and more.
Expands Child Tax Credit
Perhaps most notably, the bill includes an expansion and reimagining of the Child Tax Credit, an effort the Black Wall Street Times first told you about in February. This revised tax credit increases support for parents with children to $3000 for each child between six and 17 years of age and $3600 for each child under the age of six each year. In addition, families now have the option of receiving this credit annually while filing their federal tax return. Or they can choose to receive it on a monthly basis with direct cash payments of $250 a month or $300 a month per child.
Economic experts have indicated that this component of the relief package alone could cut child poverty in this country in half; reducing the racial wealth gap and creating economic stability for millions.
White House Press Secretary Jen Psaki stated on Wednesday that she expects President Biden to sign the bill into law by the end of the week. He will then embark on a nationwide tour to tout the bill’s passage.
After the bill is signed, qualifying individuals can expect to see their payments arrive by direct deposit or check over the next few weeks.