How will the COVID-19 relief bill benefit Americans? Financial planner weighs in
The real benefits of the American Rescue Plan
By now, you’ve heard that under President Joe Biden's American Rescue Plan adults earning less than $80,000 a year will soon receive a $1,400 stimulus check.
WASHINGTON (FOX 5 DC) - By now, you’ve heard that under President Joe Biden's American Rescue Plan adults earning less than $80,000 a year will soon receive a $1,400 stimulus check.
The COVID-19 relief bill also extends $300 weekly emergency unemployment benefits into early September – but the legislation goes far beyond that.
READ MORE: House passes $1.9 trillion COVID-19 relief bill, Biden expected to sign on Friday
Financial planner Jason Howell tells FOX 5 we need to watch the new child tax credit and see how it helps the economy.
There will be a big increase for parents earning less than $75,000 a year or $150,000 for couples.
READ MORE: $3,000 child tax credit: Here’s what parents need to know
The bill is wide-ranging with help for renters, student borrowers, and even minority farmers.
There’s money for schools, local governments and hard-hit industries from air travel to music and entertainment.
Howell says this all translates to opportunity.
If you want to know whether you or your family are eligible for the direct payments there is an easy-to-use online calculator.