ANNAPOLIS, M.d. (WDVM) — President Biden signed the American Rescue Plan into law on Thursday, one day earlier than expected. The official passing of the bill is set to funnel billions of dollars into Maryland’s economy over the coming days.
The direct stimulus payments — by far the most popular of the bill’s provisions — will total $6.25 billion alone, with over 2.5 million eligible households. Each household will receive at least $1,400.
“Every family member, including their kids, within the eligible income ranges,” said Maryland Sen. Chris Van Hollen. “And these payments should be going out pretty soon after President Biden signs the bill.”
With many state residents still struggling with their finances after a year of lockdowns, Maryland political officials were ecstatic about the incoming funds and the ways the money can give Marylanders a helping hand.
“Necessities. Food on the table. Rent,” said Yvette Lewis, chair of Maryland Democratic Party. “But this bill is so much more than that. It expands the child tax credit, it supports small businesses through PPP loans, extends unemployment benefits.” Unemployment benefits were set to expire this month but have now been extended to September.
Maryland’s funding allocation will be broken down in the following ways:
- 2,516,312 Maryland households with direct payments,
Totaling in: $6.25 Billion in direct payments for Marylanders
State & Local Government Funding
- $3.87 Billion in direct funding to the State of Maryland
- $1.173 Billion in direct funding to Maryland’s county governments
- $1.14 Billion in direct funding to Maryland’s city and municipal governments
Totaling in: $6.355 Billion directly to our state)
Child Tax Credit
- Lift over 52,000 Maryland children out of poverty
- Benefit 1.1 million children – or 85% – of Maryland’s children
Earned Income Tax Credit
- 255,000 Maryland workers
Enhanced Unemployment Benefits
- More than 300,000 Marylanders currently relying on unemployment benefits
Education & Child Care
- $1.95 Billion for Maryland K-12 education
“This was not a partisan package,” said Lewis. “It may have been partisan with some of the Republican politicians, but with the American people — with over 75% of the American people thinking that this is a good idea, and 50-sum person of Republicans … it is bipartisan for the American people, and really that’s what we should be concerned about.”
The American Rescue Plan was a massive piece of legislation for the United States government. Now that it has been signed into law, members of Congress are already looking ahead at their next steps.
“One of the next big initiatives will be modernizing our national infrastructure. Everything from traditional infrastructure like roads and bridges, and transit, and water and sewer to expanding broadband,” said Van Hollen.