After celebrating a strong monthly employment report that saw more than 900.000 new jobs added in the U.S., President Biden outlined "six specific actions people will see over the next few weeks" that his administration believes will continue to bolster the economy and curb the spread of the COVID-19 Delta variant. Among the actions, Biden detailed monthly payments to parents of children under 17, the forgiveness of loans to small businesses under the Paycheck Protection Program and urging the release of $45 billion in relief funds to renters and landlords by state and local governments.
JOE BIDEN: The American Rescue Plan was built knowing the recovery would take time, that there'd be ups and downs. So let me outline today six specific actions people will see over the next few weeks to make sure that we fight the Delta variant and wait for new vaccinations to be finished, and keep our economy strong.
First, thanks to the latest middle class tax cut in a long time, the next monthly check that is the child tax credit. In the next month, next nine days, checks are going out to almost 40 million families with children. In nine days, the beginning of next month, the middle of this month I should say. On August 15, for example, a family with two young kids under the age of 7 is going to get a check for $600, paid immediately. And they get a check the next month for $600, et cetera. If you're a family with two kids between the ages of seven and 17, you're getting a check for $500, 250 per child. And that will continue month after month.
Second, I've looked ahead, we've looked ahead, and now schools have the resources they need to safely reopen as school year starts again, so that every child can be in school full time, safe and this year. Third, we provided months ago states and localities with $45 billion in their coffers, the state localities, to help renters and landlords to keep people in their homes and keep the local economy strong. That money has to get out now. I'm urging all local offices to get that money out.
And we're going to send more help to small businesses on Main Street. So the Delta variant doesn't cause them to lay off employees and shuttered their doors. Something called the Paycheck Protection Program, it's a loan program, forgivable if the small business kept their employees on the job and their doors open. We're now in the process to forgive those loans for small businesses who are doing the right thing, putting them in a better position to keep their businesses going.
Fifth, if anyone was worried about getting health insurance during the pandemic, there's help today. For those who get their health insurance through the Affordable Care Act, we're covering more people, with more extensive benefits, with premiums that average 40% lower. If you don't have insurance, you can still sign up under the Affordable Care Act through August the 15th. Just go to healthcare.gov today.
And sixth, we're going to lower the prices on everything from prescription drugs to hearing AIDS. By allowing businesses to compete, which would give them more choices, lower costs. For example, you're not going to have to go to a doctor to get a prescription to get a hearing aid, you can go right to the counter of the store and buy it over the counter.
The bottom line is this, what we're doing is working. But don't take my word for it. Forecaster's on Wall Street project over the next 10 years our economy will expand by trillions of dollars, and we'll create two million more jobs a year, good paying jobs. We just have to keep going. And it's simple, that means get vaccinated, please. It's safe. It works. It will save lives and maybe save your life.
As I said before, this is a pandemic of the unvaccinated. So please, get vaccinated. We can get this done. We just have to stay the course. We just have to remember who we are. You've heard me say it before, we're the United States of America. There's not a single thing, nothing beyond our capacity when we do it together. God bless you all, may God protect our troops. And have a good weekend. Thank you.