What President Biden's $1.9 Trillion American Rescue Plan Means For New York
NEW YORK (CBSNewYork) - President Joe Biden signed the $1.9 trillion American Rescue Plan into law Thursday.
"This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country, a fighting chance," Biden said before signing the bill.
The plan allocates money in many different ways, including $1,400 direct payments to Americans making up to $75,000 or less a year. It also includes $350 billion in aid to state and local governments, as well as $14 billion for vaccine distribution and $130 billion to schools to help them reopen safely.
So what, specifically, does that mean for New York?
According to Senate Majority Leader Charles Schumer, the ARP directs $23.8 billion to the state.
That includes:
- $12.569 Billion for New York state government
- $6.141 Billion for New York cities
- $3.907 Billion for New York's counties
- $825 Million for New York's small cities, towns, and villages
- $358 Million for a statewide broadband investment program
For a complete breakdown of how much each city and locality will be getting in aid, CLICK HERE.
The money can be spent on:
- Costs associated with responding to the COVID-19 public health emergency or its negative economic impacts, including assistance to households, small businesses, and nonprofits or aid to impacted industries such as tourism, travel, and hospitality
- To support workers performing essential work during the COVID-19 public health emergency by providing premium pay to eligible workers or by providing grants to eligible employers that have eligible workers who perform essential work
- To cover revenue losses caused by the COVID-19 public health emergency
- To make necessary investments in water, sewer, or broadband infrastructure
The bill also includes $30.5 billion for mass transit, including roughly $6.5 billion for the cash-strapped Metropolitan Transportation Authority. Amtrak will also be receiving $1.7 billion.
The plan also includes an expanded tax credit of up to $3,600 per child, which will be given out in monthly installments. Jason Cone, with the nonprofit Robin Hood, believes the move will lift 4.5 million kids out of poverty nationwide, including more than 22,000 in New York state.
"It's probably the single biggest poverty alleviation effort in the history of the country, to be honest," Cone said.
For more information from CBS News, click here. To see how the White House is describing the plan and what it does, click here.