Local financial advisor breaks down latest stimulus relief package

Local News

BUFFALO, N.Y. (WIVB) — On Wednesday, Congress passed the American Rescue Plan, a 1.9 trillion dollar stimulus relief aimed to help people during this pandemic.

This includes a third round of stimulus checks; how much people receive, however, is based on their household. Under this package, those who qualify will receive $1,400 per adult and $1,400 per child. Single taxpayers with an adjusted gross income below $75 thousand will receive a full check, but anyone who makes $80 thousand or more will not get anything.

“A spouse, married, filing jointly, they’re each eligible for $1,400 – but their phase-out starts at $150 thousand, and once they cross $160 thousand they will get no money,” explained Paul Coleman of Level Financial Advisors.

This legislation also expands what’s called the child tax credit. According to Coleman, families will receive $3,600 for each child under the age of six, and families will get $3,000 for children up to 18-years-old.

Unemployment benefits will also be extended. On top of the state unemployment checks people receive, they’ll also continue to get $300 a week until Sept. 6.

Coleman says this relief package will provide assistance to people who need it the most.

“I can’t imagine the stress on their mind going to bed at night wondering how you’re going to put food on the table, and this will provide some significant relief,” he said.

Congress must formally send this bill to the White House, but President Biden has said he hopes to sign it by Friday.

Marlee Tuskes is a reporter who has been part of the News 4 team since 2019. See more of her work here.

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