Earlier today, President Joe Biden signed the American Rescue Plan into law. The $1.9 trillion relief bill will help the U.S. economy recover from the pandemic with direct relief payments, extended unemployment benefits, relief for renters, tax credits for workers and families, and aid for small businesses, states, and local governments. In response to the bill signing, New Jersey Policy Perspective (NJPP) releases the following statement.
Brandon McKoy, President, NJPP:
“The American Rescue Plan will provide much-needed, albeit temporary, relief for millions of families and small businesses across the nation. The new law will help those who have suffered most during the pandemic — especially people of color — with direct payments, extended unemployment support, tax credits, rental assistance, and much more. If the past year has taught us anything, it’s that government plays an important role in keeping our communities afloat during recessions because what’s best for workers and their families is what’s best for the economy. We applaud the members of New Jersey’s Congressional delegation who voted for this historic legislation and look forward to working together on more policies that will advance racial and economic justice so we come out of this recession stronger than ever before.”
The relief package includes the following provisions that will help New Jersey families:
- Expanded and extended unemployment benefits;
- Expansions in the Child Tax Credit and Earned Income Tax Credit;
- Continuation of key food assistance provisions now in place and new investments in WIC;
- Expansions in health coverage;
- Increased housing assistance; and
- Emergency funds to help families facing hardship.
The American Rescue Plan also includes $10.2 billion in much-needed relief for state and local governments in New Jersey to make up for revenue shortfalls and keep our communities going. This aid will help prevent drastic layoffs of teachers, firefighters, and other essential public employees, prevent cuts to critical services and safety net programs, and help people who have been hit hardest by the pandemic and recession.
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