F.P. Report
WASHINGTON: On Monday, November 29, Deputy Secretary of the Treasury Wally Adeyemo will travel to Las Vegas, Nevada, to highlight how working families are benefiting from the expanded and monthly Child Tax Credit (CTC) from the American Rescue Plan and how the Build Back Better Act will cut costs for the middle class and working families.
In the morning, Deputy Secretary Adeyemo will join Rep. Steven Horsford (NV-04) at Acelero Head Start, a Head Start provider in Nevada, for a roundtable discussion with recipients of the CTC. They will be joined by Acelero Head Start representatives, local government representatives, non-profit leaders, and families receiving this monthly tax relief.
In November, the IRS issued payments to more than 353,000 Nevada families covering more than 595,000 children and totaling more than $155 million.
The Build Back Better Act, which passed the House of Representatives and is under consideration by the Senate, would extend this monthly relief through 2022 and make it permanently fully refundable, ensuring the neediest families will receive the full credit for the long-term.
Later that morning, Deputy Secretary Adeyemo and Rep. Horsford will participate in a small business roundtable at the William U. Pearson Community Center, where they will discuss how the American Rescue Plan has helped small businesses keep their doors open as the economy recovers from COVID-19.
They will be joined by representatives from local chambers of commerce, small business owners, and industry leaders. At the roundtable, Deputy Secretary Adeyemo will highlight the State Small Business Credit Initiative (SSBCI). The American Rescue Plan Act reauthorized and expanded the Small Business Jobs Act of 2010, which established the original SSBCI program.
The updated program will provide a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic.
The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities.
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