The $1.9 trillion COVID Relief package known as the American Rescue Plan Act of 2021 contains help and support for individuals, start-ups, employers, retirees, and more, struggling economically due to the COVID-19 pandemic. It addresses lost income, loss of employment, health care, mortgage and rent, child care, funeral expenses, and more. While some of the help will been the form of checks to be sent out now, other help in the Act will be rolled out in the near future. The administrative infrastructure to implement many of the following elements of relief are being set up now, in states, with FEMA and the IRS, to name a few. Here are some of the highlights:

Stimulus Checks - a new round of checks of $1,400 per individual earning under $75,000 or couple earning over $150,000 annual income, but with a steep phase out to $80,000/$160,000.

Unemployment benefits and tax relief. Benefits of up to $300 per week will be extended to September, 2021, and those who received unemployment in 2020 will see roughly the first $10,200 of unemployment income receive tax relief. If you already filed your tax return for 2020, the IRS says you can correct it. See a tax professional. 

Child tax credits - limited time checks and expanded definitions of individuals who qualify; roughly $3,600 total in checks annually for each dependent under age 6, and $3,000 for those ages 6-16.

COBRA - Individuals currently paying for COBRA benefits to maintain the health insurance they had while employed will see those premiums paid for them for the next six months, and an expansion of COBRA benefits from 85% to 100%, in recognition of the enormous need for those who lost their jobs to keep their health insurance during this critical time. 

Aid to families who paid funeral home fees related to the loss of a loved one during the pandemic. 

ACA Marketplace - Individuals purchasing health insurance in the state marketplaces will see significantly help in affording the premiums for many plans.

Student loan tax relief, in a move that many say could be a harbinger of more to come in the effort to relieve student debt burden. 

Emergency rental, mortgage and homeowner assistance. 

COVID testing, tracing, vaccine distribution and administration.

Expanded Exployee Retention tax credit for start-ups and businesses hit by the pandemic.

Rural health care provider relief. 

Help for underserved communities that have been hardest hit by the pandemic. 

Medicaid - While New York opted in to the Medicaid expansion, 12 states did not. Individuals living in those states that previously opted out of the Medicaid expansion will see their states offered new incentives to opt in. 

Having little to do with the pandemic, the plan also bails out failing multi-employee pension plans, many were struggling even before last year. 

Notably not in the Act is any increase in the federal minimum wage. Proponents have been advocating for a $15/hour minimum wage for approximately ten years. If it were steadily adjusted for inflation, the minimum wage today would be $24/hour. Opponents of a minimum wage increase say it lacks political support from their constituents and could exert downward pressure on employment.