The House passed The American Rescue Act of 2021 (H.R. 1319) Wednesday, and President Joe Biden is expected to sign the bill into law Friday.

In addition to providing Economic Impact Payments of up to $1,400 per eligible person, the $1.9 trillion bill:

• Renews the paid and sick leave payroll tax credits in last year’s Families First Coronavirus Response Act. The bill specifically makes both state and federally chartered credit unions eligible for the credits;
• Extends unemployment benefits through Labor Day and raises them by $300 a week; and
• Establishes a $10 billion Homeowner Assistance Fund to provide a flexible source of federal aid to all state-level Housing Finance Agencies to help people keep up with housing payments and help keep them in their homes.