On January 14, 2020, President Biden released details of an additional Coronavirus Relief package, that totals approximately $1.9 trillion. The package, which is titled American Rescue Plan (Plan), builds on prior relief packages and a key component of that is an additional round of stimulus checks; this time the checks would be for $1,400. Additionally, it would raise the supplemental unemployment insurance from $300 to $400, increase the Federal minimum wage to $15/hour, provide aid to help schools reopen, and continue eviction and foreclosure moratoriums.
What’s not included in the Plan are any provisions related to the Paycheck Protection Program or financial support for larger corporations, including the Employee Retention Tax Credit (ERTC). The ERTC is designed to help employers avoid layoffs by providing a credit to offset payroll costs. Additionally, the Plan does not include any legal liability protections, a priority advanced by Republicans in earlier relief package discussions. Concern about the lack of business aid was expressed by House Ways and Means Committee Ranking Member Kevin Brady (R-TX) who released a statement in which he said the proposal “does nothing to save Main Street businesses, get people back to work, or strengthen our economy.“ WWEMA will continue to track the evolution of this Plan and any associated legislative bill and share with our members.