The American Recovery and Reinvestment Act
How the Economic Stimulus is Helping Brooklyn
In February 2009, the Congress passed and the President signed the American Recovery and Reinvestment Act into law. The $787 billion economic stimulus bill has slowly been reaching our local communities over the past few months and is now beginning to show signs of positive impacts on the economy.
This package will give our struggling economy a boost by sending money where it is needed most: to lower- and middle-income families. This will give taxpayers a much-needed rebate, with checks going out to an estimated 8.3 million families in New York State. In New York, families will get an average of $807, added to paychecks throughout the year, injecting approximately $6.7 billion into the economy for our state. Parents will get a rebate of $300 per child, building off of the popular child tax credit. The package also provides relief for seniors, disabled veterans and military families. For small businesses, the package includes tax incentives for purchasing new equipment and helps to create new jobs.
We have a long way to go before we leave the current economic downturn behind us, but with a coordinated effort between the government and local businesses, we are now seeing positive signs in our economy.
The ARRA has committed $31.8 million in tax cuts, extended unemployment benefits, and ‘shovel-ready’ projects in the 11th Congressional District. To track the programs receiving ARRA funds in the 11th district, please click here.
Additional Resources:
To see how the funds from the American Recovery and Reinvestment Act are being spent in New York:
To search for grants available through the American Recovery and Reinvestment Act:
http://www07.grants.gov/search/search.do;jsessionid=?mode=CATSEARCH&fundActivity=RA
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