What the American Rescue Plan means for housing

By Tim Glaze | HousingWire

President Joe Biden signed the American Rescue Plan Thursday, freeing up $1.9 trillion aimed at invigorating the economy following the COVID-19 pandemic.

The bill will send $1,400 direct payments to individuals making up to $75,000 annually, and allocates $350 billion in aid to state and local governments and $14 billion for vaccine distribution. Over $50 billion will be distributed to small businesses — including $7 billion for the Paycheck Protection Program — and $25 billion for small and mid-sized restaurants.

Per White House Press Secretary Jen Psaki, direct deposits could be hitting Americans’ bank accounts as early as this weekend.

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