President Bush signed into law The Economic Stimulus Act of 2021. This Act is also known as the Stimulus Package. This Act was formally signed into law on February 13th, 2021. This Act includes various measures and programs to be implemented which are mainly aimed at assisting the American economy and the country in which it resides. Among these measures are temporary tax relief for many small business owners, creation or establishment of new small businesses, extension of unemployment benefits, creation or establishment of new consumer debt relief programs, and several other such programs.
In signing this Stimulus Bill, Mr. Bush also signed H Act that created the Special Economic Interest Determination Authority. Under this authority, a SIEA is made available that has the power to deny or approve a loan or contract based upon whether or not the company has engaged in activities that are considered unfavorable to the United States. If one such company is found unfavorable to the United States, the government can request that company to return $1 billion in funds that were invested. As we all know, the funds that were lost can never be returned and will only be recouped through some other means.
One of the important measures included in this Stimulus Bill is the Consumer Rebates and Price Relief Act. The Act allows rebates for certain eligible purchases. These purchases can include food, gas, medical services, automobile expenses, home mortgage, and certain other personal purchases. If you have been holding your residence for more than three years, you are eligible for this rebate. It is expected that this measure will raise millions of dollars in new consumer spending. Many economists forecasted that this would lead to further strengthening of the economy and boost job growth.
Another important measure included in this Act is the tax cuts. The tax cuts would provide up to seven thousand dollars in tax relief to every individual who has a household income above the median level for the state. This would include people who fall in the upper-middle income bracket, but the highest income bracket would not be cut as well. This includes people who own investment property, Fannie Mae homes, and other properties. Individuals who have been receiving rental grants for at least two years could also expect to see increases in their income as well as tax breaks under this Act.
For those who own their own small business, the tax cuts provided by the Act could be particularly beneficial. This includes owners of privately owned medical offices, restaurants, and other businesses that rely on federal taxes to pay for their operations. These owners would benefit from an average annual reduction in their income of between five and ten percent. The United States Government estimates that these tax rebates will result in an additional . . . . . . five billion dollars in revenue for the year.
The last measure included in this Act is the extension of unemployment benefits. Benefits that are paid to unemployed individuals will run for up to twenty weeks on any family member who has been receiving benefits for more than six months. This measure was included in the package as a means of helping to protect American citizens from becoming further affected by the recession.