ICBA released a summary of the $1.9 trillion American Rescue Plan Act (H.R. 1319), which Congress passed and President Joe Biden is expected to sign into law soon.
Background: The bill includes "recovery rebate" payments of $1,400, an extension of supplemental unemployment insurance, aid to state and local governments, and funding for vaccine distribution and schools.
What's next: ICBA is closely monitoring the administration's implementation of the direct payments and will keep community bankers updated as they plan cash forecasts and supporting functions to answer customer inquiries. Read the summary.