Earlier today, the Treasury Department released a new report: American Rescue Plan: Treasury’s Progress and Impact After Six Months. As summarized below, since the law was signed by President Biden, the Treasury Department has disbursed approximately $700 billion of the $1 trillion in programs administered by Treasury.
As the report outlines, when President Biden signed The American Rescue Plan (ARP) into law six months ago, the economy was struggling to recover from the ongoing pandemic. Putting us on the road to a robust recovery required decisive action on three fronts: aid for households and families, lifelines for struggling businesses, and support for cash-strapped state and local governments. Six months later, the American Rescue Plan is supporting a strong, resilient recovery. Over 3 million jobs have been created since the American Rescue Plan was signed into law, and job creation has averaged more than 765,000 over the last three months.
In total, the Treasury Department is responsible for managing over $1 trillion in American Rescue Plan programs and tax credits and has already distributed approximately $700 billion. The Treasury Department’s implementation of the American Rescue Plan is part of a comprehensive strategy to support the entire economy during the pandemic by providing assistance directly to American families, assisting businesses impacted by the economic downturn, and delivering critical funds to state and local governments. Taken together, this approach has delivered real benefits for the economy and local communities across the country – and will continue to do so as the recovery progresses.
U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
September 16, 2021
Contact: Liz Bourgeois; Press@Treasury.gov
Treasury Report: $700 Billion of $1 Trillion in American Rescue Plan Relief Disbursed in First Six Months
Over $450 billion paid directly to families and households through Economic Impact Payments, Advance Child Tax Credits, and Emergency Rental Assistance
Read the full report: American Rescue Plan: Treasury’s Progress and Impact after Six Months
WASHINGTON – Today the U.S. Department of the Treasury released a new report on the first six months of the department’s implementation of the American Rescue Plan. Since the law was signed by President Biden, the Treasury Department has disbursed approximately $700 billion of the $1 trillion in programs administered by Treasury. over $450 billion paid directly to families and households, including through more than 170 million Economic Impact Payments totaling over $400 billion, over 106 million Child Tax Credit (CTC) payments totaling more than $46 billion, and over 1 million payments of Emergency Rental Assistance totaling more than $5 billion.
Treasury has also sent $240 billion in fiscal support to state, territorial, local, and Tribal governments that is being used to fight the pandemic and accelerate the economic recovery. Over 99% of currently available State and Local Fiscal Recovery Funds are in the hands of governments across the country, who are using these resources not only to meet immediate pandemic response needs, but to make long-term investments in the recovery, equity, and prosperity of their local communities.
“While our recovery has not been without bumps, a rebound of this scale and speed was never guaranteed to happen,” said Treasury Secretary Janet L. Yellen. “From the start, the policy decisions made and executed by this administration, including the programs contained in the American Rescue Plan, were conceived to help all segments of the economy and provide much-needed relief for families struggling through the pandemic. While there’s still more work to do to ensure an equitable and strong recovery over the long-term, it’s clear six months in that President Biden’s American Rescue Plan is working.”
Over the past six months, Secretary Yellen and Deputy Secretary Wally Adeyemo have traveled the country to see American Rescue Plan programs at work. In July, Secretary Yellen traveled to Atlanta where she visited a non-profit organization helping people sign-up for the Child Tax Credit and Emergency Rental Assistance. Last week, the Secretary participated in a virtual White House event to hear from governors, mayors and local officials leading effective Emergency Rental Assistance programs. Over the course of the summer, Deputy Secretary Adeyemo visited Emergency Rental Assistance programs in Houston, TX; Arlington, VA; and Prince George’s County, MD. In recent weeks, the Deputy Secretary visited a Connecticut Emergency Rental Assistance Program and a program run by the city of Hartford, CT where librarians are helping sign people up for to receive their advance Child Tax Credit. Tomorrow, he will travel to Yonkers, New York to visit another community-based Child Tax Credit sign-up program.
A link to the report is here: https://home.treasury.gov/system/files/136/American-Rescue-Plan-Six-Month-Report.pdf