President Biden to Sign American Rescue Plan This Week

​On Saturday, March 6, the $1.9 trillion COVID-relief stimulus package passed in the Senate. The next steps include a final deliberation by the House of Representatives before it is finally sent to President Biden for his signature. A few of the key aspects of the American Rescue Plan include:

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• $1400 direct payments (for individuals earning up to $75,000 or married couples making up to $150,000 combined).
• Unemployment insurance payments will remain at $300 per week.
• $7.25 billion in new money for the small-business loan program.
• $1.4 billion in funding for programs authorized under the Older Americans Act.
• $37 million to the Commodity Supplemental Food Program for low-income seniors.
• $7.5 billion to the CDC to track, administer and distribute COVID-19 vaccines.

In addition, one of the most noteworthy elements of the Senate passage was that the home- and community-based services Federal Medicaid Assistance Percentage payment boost was even higher than expected. Instead of a 7.35% hike to HCBS funding, the stimulus bill now includes a 10% increase. The 10% FMAP increase means an additional $12.67 billion for states' Medicaid funding for HCBS will start April 1 to May 31 of next year.