What's in the American Rescue Plan beyond the $1400 stimulus payments

[iluvtennis]

Note: these charts were shown on MSNBC Cross Connection show on Saturday morning and the list of benefits may be more comprehensive.

Just wanted to share. Enjoy.





It's my understanding that the child tax credit will be paid monthly...not just when you file your taxes - great for low inciome families!

[Cicada]

1. Katie Porter whiteboard on what's in stimulus bill

[iluvtennis]

2. Very nice - thank you. Love me some Katie Porter. nt

[peggysue2]

3. My youngest son is qualified for one of the small business loans

His accountant relayed the happy news yesterday. He applied under Trump's bill and got nowhere. Between the business loan and the child tax credit, he and his wife will be able to get their heads above water. It's been a tough, tough year for a lot of young families juggling stay-at-home orders, lost business and Zoom schooling.

In fact, it's the first time I talked to my youngest when he didn't say somewhere in the conversation: "I think I'm going to have a heart attack."

Of course, this flies in the face of Republican orthodoxy. But during a crisis, that 'pulling yourself up by the bootstraps' philosophy just doesn't work.

Not that it ever did.

[iluvtennis]

4. So happy to hear about how the relief package will help your son/his family - that's awesome. nt

[peggysue2]

7. It really will give them a break

As it will for thousands of other families. They've had so much on their plate of late, trying to find housing to accommodate my granddaughter's medical needs while robbing Peter to pay Paul every month. Plus they have two school-age kids aching to go back to the classroom, driving them crazy with the kid-version of the zoomies--all the pent-up energy. My son's insurance agency has lost a lot of clients because of the slowdown and so many people out of work.

It's a story repeated about young/growing families everywhere. A little bit of hope can do remarkable things. For instance, it was good to hear my son laugh. He hasn't done much of that in the last few months.

Thanks for the note!

[Roland99]

5. Is this effective for the 2020 tax year?

I haven’t filed yet

[iluvtennis]

6. It's my understanding they will use 2020 if filed, and then fall back to 2019 if your 2020 return

hasn't been filed.

I had a big decrease in my income from 2019 to 2020, so I filed my 2020 return early.


When to file your taxes to maximize your stimulus payment
Published Wed, Feb 10 2021 1:15 PM EST
Updated Fri, Mar 12 2021 2:29 PM EST
https://www.cnbc.com/amp/2021/02/10/when-to-file-your-taxes-to-maximize-your-stimulus-payment.html