Stimulus bill to help business and families recover from the 2008 Financial crisis. Total cost of the bill was nearly $840 Billion. 1
The Stimulus package had several main components: 2
Relief to Families
$260 Billion went to families through tax credits, tax cuts and unemployment benefits.
Unemployment benefits were extended for an additional 33 weeks.
Cut taxes by $400 for individuals and $800 for families through reduction of withholding tax.
A payment of an additional $250 each to recipients of Social Security, veterans’ pensions or Supplemental Security Income benefits.
Greater access to the child tax credit for the working poor and an expanded earned-income tax credit to families with three children.
Temporary deduction on sales tax for new care purchases, a temporary college tuition tax credit and a tax credit for first time home buyers.
Funding for Federal Infrastructure Projects
$46 billion for transportation and mass transit projects.
$31 billion to modernize federal buildings.
$6 billion in water projects.
Help for Small Businesses
Allocated $54 billion to help small businesses with tax deductions, credits, and loan guarantees
Gave tax credits to businesses who hired unemployed veterans and students
Reduced fees and increased guarantees for some small business loans
Many of these provisions were extended through fiscal year 2011
Improve Education
$54 billion for school districts to pay for teacher salaries and educational programs.
$21 billion for school facility modernization and construction.
$17 billion to boost Pell Grants by increasing the maximum to $5,350 in 2009 and $5,550 in 2010.
$13 billion for Head Start.
$12 billion for special education programs, including job training for those with disabilities.
Other Programs
Expanded Health Care access by temporarily increasing funds to states for Medicaid during economic downturn, helped temporarily pay premiums of laid-off workers.
Provided funding for broadband infrastructure in rural and inner-city areas.
The Text of the Bill can be found here.
Endnotes
1. https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/49958-ARRA.pdf