American Rescue Plan
Economic Impact Payments
The American Rescue Plan we recently passed into law includes Economic Impact Payments of up to $1,400 for most Texans. In fact, 88 percent of Texas adults are set to receive a payment, and money is already beginning to be directly deposited into bank accounts. In most cases, these payments are automatic and no action is necessary to receive them.
You can check the status of your Economic Impact Payment and learn more using the “Get My Payment Tool from IRS.gov.
Help is here, and we want to get this money into the pockets of Texans as quickly as possible so you can pay bills, care for your families and support local businesses and jobs.
- How to Check the Status of your Payment: Go online and check the status of your payment using the “Get My Payment” tool at: https://www.irs.gov/coronavirus/get-my-payment.
- What to Expect: Texans may have already started seeing payments show up in their bank accounts if their 2019 or 2020 taxes have been processed by the IRS or they used the “non-filer portal” for previous payments and provided their bank account information to the IRS. Recipients of other federal government benefits, like Social Security, Supplemental Security Income, Railroad Retirement Board, or Veterans Affairs benefits, should expect to receive a payment automatically as well. For Texans awaiting a paper check or debit card, some checks have been mailed already, but most will find their paper checks or debit cards in the mail over the next several weeks.
- How Many Texans Will Get Payments: According to the White House, more than 17.3 million adults and 8 million children in Texas are eligible to receive payments of up to $1,400 per person through the American Rescue Plan. That means 88 percent of all Texas adults and 88 percent of all Texas children in the state are set to receive payments.
- Who is Eligible for Payments: The American Rescue Plan included Economic Impact Payments of up to $1,400 per person. Combined with the $600 down payments enacted in December, these additional checks will finish the job on Democrats’ promise to put $2,000 in Americans’ pockets.
- Individuals earning up to $75,000 annually, heads of household earning up to $112,500 annually, and couples earning up to $150,000 annually will receive the full $1,400 per person, for themselves and their dependents.
- After that, the checks begin to phase out, with payments stopping at individuals earning $80,000 in annual income, heads of household earning $120,000 in annual income and married couples earning $160,000 in annual income.
Learn More: https://www.irs.gov/coronavirus/get-my-payment
Aid for Cities and Local Government
The American Rescue Plan Act of 2021 creates new Coronavirus State and Local Fiscal Recovery Funds to keep first responders, frontline health workers, teachers, and other providers of vital services safely on the job as states, local governments, Tribes, and territories roll out vaccines and fight to rebuild Main Street economies. Funds are available until December 31, 2024. More information is available here.
Guidance from the U.S. Department of Treasury is located here.
The $1.9 trillion American Rescue Plan Act that President Joe Biden signed into law on March 11 contains a number of provisions intended to help small businesses, especially restaurants. It authorizes another $7.25 billion for the Paycheck Protection Program, which offers forgivable loans to small businesses and other organizations hurt by the pandemic. The loans will only be forgiven, however, if at least 60% of the money is used to support payroll expenses and the remainder goes to mortgage interest, rent, utilities, personal protective equipment or certain other business expenses.
- Money to help states assist their small business economies: Through the State Small Business Credit Initiative, the legislation allocates $10 billion for state governments to help leverage private capital and make low-interest loans and other investments to help their small business economies recover.
- More money for underserved businesses: The legislation earmarks $15 billion to the Economic Injury Disaster Loan grants program to be given to small businesses in underserved areas, especially those that are minority-owned.
- Special relief for restaurants: The American Rescue Plan includes nearly $29 billion to create a grant program that provides direct relief to restaurants.
- More money for operators of closed venues: Another $15 billion will be added to the Shuttered Venue Operators Grants program, created by the previous economic aid package. The grants are intended to help those who run museum, theater, concert and other venues that had to shut down due to Covid restrictions. The bill also allows such operators to apply for PPP loans in addition to these grants.
- Additional funding for the Small Business Administration: To help the SBA administer all the new programs that have fallen under its purview as a result of the pandemic, the bill allocates another $1.325 billion to its budget.