Senate Passes Amended $1.9 trillion COVID-19 Stimulus Bill

Mar 9, 2021, 3:16 PM

(From Journal of Accountancy) Last week, the Senate voted 50–49 to approve a bill that includes a $1.9 trillion U.S. coronavirus relief package. Known as the American Rescue Plan Act, H.R. 1319, the bill will be sent to President Joe Biden’s desk to be signed into law if it passes the House without changes. Congress is under pressure to get Biden’s signature on the bill before legislation authorizing $300 a week in federal funds added to unemployment checks expires on March 14. The Senate bill retains most of the tax provisions in the House bill unchanged. However, under the Senate bill eligibility for the recovery rebate credits (to be paid to most taxpayers in advance as economic impact payments) would phase out more quickly than it did in the two previous rounds.