ICBA summarizes new House-passed stimulus plan

ICBA released a summary of the House version of the $1.9 trillion American Rescue Plan Act (H.R. 1319), which the House passed Saturday on a nearly party-line vote.

Details: Key components of the House bill include “recovery rebate” payments of $1,400, an increase and extension of supplemental unemployment insurance, aid to state and local governments, and funding for vaccine distribution and schools.

Next: The Senate bill, to be taken up this week, will be based on the same framework but likely will differ on key points such as the federal minimum wage, targeting of “recovery rebate” payments, and spending levels.