An in Depth Look at The $2 Trillion Economic Relief Plan

House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer sign the American Rescue Plan. March 10, 2021. (Olivier Douliery/AFP via Getty Images)

Last week a $2 trillion economic relief plan was passed through congress and signed by President Trump. This recent stimulus package has been the largest ever, and in addition Congress has rolled out additional measures to help during the crisis.

Unemployment relief of $260 billion has been provided for 39 weeks, disbursed to those ranging from the unemployed to the partially unemployed due to the wide ranging impact of the pandemic. This includes falling ill to the virus, caring for a family member with the virus, parents now tasked with full time childcare with schools being shut down, and those caring for elderly household members.

The relief plan excludes those able to work from home, receiving sick leave, or paid family leave, and new workforce entrants who cannot find a job. Although the amount that each person gets is determined by the individual state, it is expected to replace 40 to 45 percent of lost wages.

The plan also outlines a $1,200 payment to each citizen with a net income of less than $75,000 a year, and an additional $500 for each child under 16 years old. Student loan payments and interest have been waived for two months on direct loans. Retirement account rules have been suspended for the whole 2020 calendar year. The relief bill puts in place a 120 day eviction moratorium for renters whose landlords are backed by federal entities.

Small businesses with 500 or fewer employees have been provided with $10 billion in emergency grants, $350 billion in forgivable loans, and $17 billion relief for existing loans.

Large corporations are receiving $500 billion in stimulus, and airlines have been given $58 billion to stay open. A stock buyback ban has been instated, loans must be publicly disclosed, and all businesses closed or distressed are eligible for a fully refundable tax credit to help keep workers on pay-roll.

$100 billion is set aside for hospitals responding to the coronavirus. $1.32 billion in immediate funding will go to community centers that provide health services for roughly 28 million people. Those with private health insurance are covered for COVID-19 treatment.

$11 billion has been allocated for diagnostics, treatments, vaccines, and includes $80 million for the FDA to prioritize and expedite approval of new drugs. CDC programs are receiving $4.3 billion, veterans healthcare relief is $20 billion, and $16 billion will be used to increase the availability of equipment like ventilators and masks.

Schools are being provided with $8.8 billion to provide meals for students. SNAP received $15.5 billion, and food banks also received $450 million for distribution programs.