The new stimulus control train just keeps rolling.
Just days after we noted that the IRS has now sent out the eighth batch of 1,400 stimulus checks – totaling 1.1 million new payments – as part of the 1.9 coronavirus relief bill. trillion dollars that President Biden signed in March, the president on Monday ad that a whole new batch of dunning checks has now started to be sent to a very specific group of recipients. These are the restaurants that have been “hit hard” by the Coronavirus pandemic, with the administration confirming that these new relief payments began to flow on Monday. It’s money that is part of a $ 28.6 billion financial aid pool called the Restaurant Revitalization Fund, which itself was made possible by $ 1.9 trillion. American rescue plan. It’s also important to mention that this money is a grant, not a loan – so, for example, it’s separate from the Trump administration’s paycheck protection program, which made emergency lending to businesses easier.
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Certainly, the administration’s announcement that payments have started to flow to restaurants is good news for an industry that has been disproportionately affected in a significant way by the Covid-19 pandemic. According to CBS News, nearly half of all restaurant workers lost their jobs in the first few months of the pandemic. And although vaccines helped the United States make great strides in exiting the pandemic, the restaurant industry is still down 1.8 million jobs from February 2020.
The White House Monday published a fact sheet about this new foodservice industry program and related fundraising, which notes that the Restaurant Revitalization Fund – intended to help restaurants, bars, food trucks and other catering establishments – will help restaurants and bars recruit workers “at good wages”. In the first two days of the program going live, the White House adds that some 186,200 restaurants, bars, and other qualifying businesses in all 50 states, as well as Washington, DC and five U.S. territories, have requested a help.
“Today, the administration is sending the first grants of the program to 16,000 hard-hit restaurants,” adds the White House announcement. âThese include restaurants in states and territories across the country, as well as restaurants owned and controlled by women, veterans, and the socially and economically disadvantaged.â
Beyond that, let’s not forget either – it’s not the only new stimulus money being rolled out to Americans. With the expansion of the federal child tax credit, for example, another new round of monthly stimulus checks will begin rolling out in July. Here’s how your federal child tax credit eligibility breaks down: If you’re part of a married couple earning $ 150,000 in total or less, or you’re an individual earning $ 75,000 or less, you will receive $ 250 for each child between 6 and 17 years old from July to December for a total of $ 1,500 (6 months x $ 250). You will receive $ 300 for each child under 6 years old. The remaining $ 3,600 will be a tax credit next year.
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