While the deadly COVID-19 pandemic and the economic crisis that it spurred continue to test families across the country, help already is on the way. The American Rescue Plan Act, signed into law by President Joe Biden on March 11, 2021, is the most sweeping and progressive economic package that Congress has passed in recent decades.
PPP Loans Now Open to Certain Labor Organizations
For the first time, Tax Code Section 501(c)(5) labor organizations can apply for Paycheck Protection Program (PPP) loans, provided they file their applications by May 31, 2021 and meet certain criteria. Here’s what labor unions need to know about applying for a forgivable PPP loan.
American Rescue Plan Extends Unemployment Benefits
More than a year into the pandemic, chronic unemployment and under-employment remain among its most challenging impacts on individuals’ lives and our economy. In response, the American Rescue Plan Act significantly expands state unemployment to many workers, including independent contractors and so-called gig workers.
ARPA: Subsidized COBRA Coverage and Extensions of ERISA Deadlines
The American Rescue Plan Act makes some individuals who have lost their jobs or have had their work hours reduced eligible for a 100% subsidy for COBRA coverage through September 30, 2021. Here are various examples of how these changes might affect certain workers.
The passage of the American Rescue Plan is a triumph for working families. It will help our economy recover from the pandemic and correct the economic inequities for working families that the pandemic has laid bare.