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SBI Chairman Rajnish Kumar on Saturday said the bank has received the draft scheme of reconstruction for crisis-hit Yes Bank. Bank officials are doing due diligence of the draft scheme, he added. "We have received draft scheme of reconstruction for Yes Bank. Our investment and legal team is doing due diligence," Kumar told reporters here. He also said many potential investors have approached SBI after seeing the draft scheme. Kumar further said the interest of shareholders will not be compromised. On Friday, the RBI announced a draft scheme of reconstruction for cash-starved Yes Bank. In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. The draft came a day after the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The RBI also superseded the board of the private sector lender, which is now being headed by former deputy managing director and CFO of SBI Prashant Kumar. See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a>

SBI says its evaluating draft reconstruction scheme for Yes Bank

IDFC First Bank on Sunday said it will make an equity investment of Rs 250 crore in beleaguered Yes Bank to acquire 25 crore equity shares. "...duly authorized committee of the Board of Directors of IDFC FIRST Bank Ltd had at its meeting held on March 14, 2020 accorded approval for an equity investment of upto Rs 250 crores comprising upto 25 crore equity shares at a price of Rs 10 each and face value of Rs 2 each, under the proposed Scheme of Reconstruction of Yes Bank Ltd under the Banking Regulation Act, 1949, subject to regulatory and government approval(s), if any," the bank said in a BSE filing. Earlier on Saturday, Federal Bank had committed to investing Rs 300 crore in Yes Bank for subscription of its 30 crore shares. The Centre on Saturday notified the YES Bank Limited Reconstruction Scheme, 2020, a day after the Union Cabinet approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Finance Minister Nirmala Sitharaman said on Friday. As per the reconstruction scheme, moratorium on the troubled lender will be lifted on March 18. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden bank and take 49 per cent equity. As per the rescue plan, ICICI Bank will invest Rs 1,000 crore, mortgage lender HDFC Rs 1,000 crore, Axis Bank Rs 600 crore, Kotak Mahindra Bank Rs 500 crore, Bandhan Bank and Federal Bank Rs 300 crore each. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only for 26 per cent of shareholding. It would be 75 per cent in case of other investors. KKS RVK

Yes Bank gets Rs 250 crore from IDFC First Bank

<ul class="summary-list"><li>A Pew survey found that only a third of Americans think <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword>'s <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> bill is too big.</li><li>While Republican lawmakers oppose the size of the bill, the majority of Republican voters support it.</li><li>Regardless of party affiliation, lower-income households support the size; some say it's too low.</li></ul>President Joe Biden's stimulus bill is expected to reach its <a href="https://www.businessinsider.com/stimulus-senate-approves-19-trillion-stimulus-package-sends-to-house-2021-3">final vote</a> on Wednesday, and according to a recent survey, only a third of Americans think the bill is too big.Since it was first introduced, Republican lawmakers have argued that the stimulus bill Democrats have pushed through using reconciliation is too costly, and a group of Republican senators even proposed a counter-stimulus bill that was a <a href="https://www.businessinsider.com/gop-stimulus-proposal-third-price-tag-bidens-heres-whats-missing-2021-2">third the size</a> of Biden's. But according to a <a href="https://www.pewresearch.org/politics/2021/03/09/broad-public-support-for-coronavirus-aid-package-just-a-third-say-it-spends-too-much/?utm_content=bufferca159&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=bufferpaign=buffer">survey</a> released on Tuesday from the Pew Research Center, the majority of Americans don't see an issue with the size of the bill. "As the House of Representatives prepares to give final approval to the Biden administration's $1.9 trillion coronavirus relief package, a sizable majority of US adults (70%) say they favor the legislation," the survey said. "Only about three-in-ten (28%) oppose the bill, which provides economic aid to businesses, individuals and state and local governments."Here are the main findings of the survey:<ul><li>82% of Americans in lower-income households favor the bill, compared to 60% of upper-income households;</li><li>63% of lower-income Republicans favor the bill, compared to the 25% of upper-income Republicans;</li><li>And 41% of Americans say the proposed spending on the bill is "about right," with 46% of upper-income Americans saying it spends too much and 37% of lower-income Americans saying it spends too little.</li></ul>The survey also found that 94% of Democrats support the bill, with 56% saying the spending is appropriate.Despite the partisan divide in Congress, Insider previously reported on multiple findings from the past month that suggested broad public - and Republican - support for Biden's stimulus package. For example, a Morning Consult/Politico poll from February 24 found that <a href="https://www.businessinsider.com/60-percent-republican-voters-support-biden-19-trillion-stimulus-poll-2021-2">60% of Republicans</a> support the bill, and some provisions in the bill, like the $1,400 stimulus checks, have <a href="https://www.businessinsider.com/biden-stimulus-plan-gop-voters-congress-republicans-democrats-lawmakers-2021-2">garnered</a> Republican support. In addition, Biden and progressive lawmakers have pushed to ensure the measures in the stimulus bill will aid those most hit by the pandemic, including lower-income Americans. A new <a href="https://www.businessinsider.com/poorest-20-of-americans-will-see-20-income-boost-under-stimulus-bill">analysis</a> from the Tax <keyword id="28351" type="ORGANIZATION" weightage="60" keywordseo="policy">Policy</keyword> Center found that the stimulus will give the poorest Americans a 20.1% income boost after taxes, and the Pew survey found that regardless of party affiliation, those in lower-income groups approved of, or wanted to see more, spending."Reflecting the income pattern among all Americans, within both partisan groups, those with lower <keyword id="164684" type="COMPANY" weightage="60" keywordseo="incomes">incomes</keyword> are more likely than those with higher incomes to say the proposed spending on the economic bill is not enough," the survey said.

Only a third of Americans think Biden's stimulus bill is too big, survey finds

<ul class="summary-list"><li><keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">Unemployment benefits</keyword> up to $10,200 won't be taxed, per a provision in the new <keyword id="45103" type="PERSON" weightage="60" keywordseo="stimulus-package">stimulus package</keyword>.</li><li>That might be news for many Americans, some of whom were hit by surprise tax bills.</li><li>The CEO of H&amp;R Block told Insider that the IRS hasn't decided on how they'll execute the change.</li></ul>Over the weekend, I went for a long-needed haircut. I had received my first shot of the Pfizer-BioNTech shot about two weeks earlier, and knew that I had <a href="https://www.businessinsider.com/covid-vaccine-one-shot-effectiveness-pfizer-moderna-astrazeneca-vaccines-dose-2021-3">some vaccine protection</a>; I was eager to finally get a professional cut.When I got there, we began chatting about life and work. I started to talk about my coverage of the recent <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">stimulus package</a>, and some of the things that I wish more people knew about, like the <a href="https://www.indian.senate.gov/news/press-release/senate-passes-largest-investment-native-programs-history-more-31-billion-heading">historic investment in Native programs</a>. One little known provision I was also fond of: <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">Unemployment</keyword> benefits up to $10,200 <a href="https://www.businessinsider.com/stimulus-workers-unemployment-benefits-taxable-exemption-senate-democrats-2021-3">would no longer be taxed</a> for those making up to $150,000.With that proclamation, my hairstylist spun around my chair and had me address the whole store; this was news to several of the customers and workers, who had been dreading paying out <keyword id="6368033" type="UNKNOWN" weightage="60" keywordseo="taxes">taxes</keyword> on unemployment benefits they received, or hadn't realized unemployment benefits were taxed regardless.It's emblematic of the impact that that one provision tucked away in the $1.9 trillion <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> relief package could have for the millions of Americans who received unemployment - and how it's been a learning experience for many.Some Americans didn't know unemployment was taxable, or didn't have the option to deduct taxes when filing unemployment. As <a href="https://www.businessinsider.com/stimulus-workers-unemployment-benefits-taxable-exemption-senate-democrats-2021-3">The Washington Post reported</a>, some Americans who had received unemployment also received surprisingly hefty tax bills in the hundreds or thousands.Jeff Jones, the CEO of H&amp;R Block, told Insider that the tax company has been focusing on teaching people about the tax questions surrounding UI benefits."No question, unemployment is new for tens of millions of people. We see people making mistakes, and this is why we love the change to under $10,000, because we saw people already this year, we knew it was coming," Jones said. "We did proactive education. People didn't know that it was taxable."Around 40 million Americans received unemployment insurance benefits in 2020, according to a <a href="https://tcf.org/content/report/the-case-for-forgiving-taxes-on-pandemic-unemployment-aid/">report from The Century Foundation</a> (TCF). The total outlay of that came to over $580 billion. Per that report, less than 40% of UI payments in 2020 had taxes withheld, with some states not giving recipients the option to withhold.<h2>The tax break on unemployment was part of a last minute deal</h2>Insider's Joseph Zeballos-Roig <a href="https://www.businessinsider.com/stimulus-senate-democrats-broker-deal-on-unemployment-benefits-2021-3">previously reported</a> that the forgiveness for benefits came as part of a last minute deal on unemployment by Senate Democrats. That new provision also included $300 in federal unemployment benefits through September 6.But there may still be some potential confusion for impacted taxpayer: Jones said that the IRS hasn't actually made any decisions on yet how "we'll actually execute" that change to unemployment or the Child Tax Credit. "People need help. It's what we do and we'll stand behind them," he said.According to the TCF report, low-wage workers and workers of colors were likely to have gotten higher levels of UI income, "due to their over-representation in the hardest hit sectors, stubborn levels of unemployment, and lengthy jobless spells."But Jones said that he believes the IRS is one of the most unappreciated civil services there are in the country, and has dealt with well-documented historical underfunding. Even in a "normal" year, he said, their system is taxed - and now the IRS is also contending with a new round of stimulus checks and the unemployment forgiveness."I'm confident they're doing everything they can to make the most of what they have."Do you have a story to share about being on unemployment and navigating tax season? You can contact this reporter at jkaplan@insider.com.

Unemployment benefits aren't getting taxed - but people may not know that

<ul class="summary-list"><li>The <keyword id="6359816" type="UNKNOWN" weightage="60" keywordseo="irs">IRS</keyword> just disbursed 2.2 million additional <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> payments.</li><li>The majority of these payments went to taxpayers whose information was not previously filed with the IRS.</li><li>These delayed payments are being gradually distributed amid large <a href="https://www.businessinsider.com/irs-tax-refunds-filing-season-delay-unprocessed-returns-individuals-relief-2021-6">tax return backlogs</a>.</li></ul>Another 2.2. million Americans will start receiving $1400 stimulus checks this week.The third round of stimulus payments, meant <a href="https://www.businessinsider.com/half-of-americans-used-1400-stimulus-checks-pay-debt-2021-7">to help people who lost income or work</a> during the coronavirus pandemic, is worth over $4 billion, according to the Internal Revenue Service. The latest disbursement brings the total number of payments to 171 million, according to an <a href="https://www.irs.gov/newsroom/more-than-2-point-2-million-additional-economic-impact-payments-disbursed-under-the-american-rescue-plan">IRS news release on Wednesday</a>.The majority of the 2.2 million payments went to eligible individuals who did not previously file information with the IRS for an Economic Impact Payment, but have since filed a tax return.In March, as part of President Joe Biden's <keyword id="10601442" type="UNKNOWN" weightage="60" keywordseo="american-rescue-plan">American Rescue Plan</keyword>, some Americans began receiving the $1400 stimulus checks, on top of federal and state unemployment if they were eligible. Individuals earning below $75,000 annually were eligible to receive the full amount.Individuals who received stimulus payment in March due to their 2019 tax return, but have since met the requirements for new payments with their 2020 tax returns, can also receive stimulus funds. The disbursement is part of the third wave of one-time checks that the federal government has authorized since the onset of the pandemic. Congress approved $1,200 stimulus checks early last year, and the IRS sent most of those within the span of a month.Lawmakers then supported sending <a href="https://www.businessinsider.com/congressional-leaders-900-billion-stimulus-deal-checks-unemployment-2020-12?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">a $600 relief check</a> as part of a pandemic aid package in December. <a href="https://www.irs.gov/newsroom/as-required-by-law-all-first-and-second-economic-impact-payments-issued-eligible-people-can-claim-recovery-rebate-credit" target="_blank" rel="noopener">The IRS sent 147</a> million payments to all eligible taxpayers it had on file in less than two months.This week's announcement by the IRS underscores the massive strain the agency has been under for the past year as it struggles to sort a <a href="https://www.businessinsider.com/irs-tax-refunds-filing-season-delay-unprocessed-returns-individuals-relief-2021-6">backlog of unprocessed tax returns</a>, along with other new pandemic responsibilities like issuing three waves of direct payments. The IRS says it will continue making these Economic Impact Payments over the coming weeks, mostly for the eligible individuals with new tax return information and other qualifiers.Though there have been some calls for a fourth round of stimulus, detractors maintain that the added federal support has contributed to a lag in hiring as businesses begin to recover and more jobs reenter the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>.

The IRS just disbursed 2.2 million more $1400 stimulus payments, but it mostly went to recent tax filers

<ul><li>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the RBI. </li><li>Aside from SBI, the Reserve Bank of India is also in talks with other private investors to rescue the bank. </li><li>Private investors who get shares of Yes Bank cannot have to retain 75% of their stake for three years.</li></ul>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the Reserve Bank of India (RBI). "It will protect depositor's interest, revive the troubled bank, and stabilise India's financial system," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said. Separately, ICICI Bank said that the board has approved for an equity investment of up to ₹10 billion in equity shares of Yes Bank. The rumour mill in the market was expecting more investment in Yes Bank from the state-owned Life Insurance Corporation of India (LIC). However, the Finance Minister clarified that the RBI is in talks with other private investors to rescue the bank The authorised capital of Yes Bank has been raised manifold to ₹6200 crore from the current ₹1,100 crore current. The limit on withdrawals by depositors will be lifted on the third working day after the official notification of the cabinet decision, at 6 pm. The Reserve Bank of India placed Yes Bank under moratorium and capped the withdrawal by depositors at ₹50,000 till April 3. 
 
 
 
 
 
 
 
 
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 The State Bank of India (SBI) will buy 725 crore shares in Yes Bank at ₹10 per share, which adds up to an investment of ₹7,250 crore, giving the country's largest bank a 49% stake in the troubled private bank. The SBI will not reduce its holding below 26% for at least three years from the date of investment. Those private investors who get shares of Yes Bank cannot sell 75% of their stake for three years. "A new board, having at least 2 directors of SBI, will take over within 7 days of the issuance of notification," Sitharaman added. The decision has come a day before the much-awaited quarterly earnings, which have been delayed by a month, from Yes Bank. The numbers are expected to reveal the depth of the rot in the bank which has gone from being one of the country's top banks to embattled one, neck-deep in bad loans, and one with a history of scandals under its earlier promoter Rana Kapoor who was recently forced out by the RBI. With the money of millions of Indian depositors stuck at the bank, the government and other authorities have come together to rescue the bank and stop it further wrecking India's financial system. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms" data-type="tilCustomLink" target="_blank">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms" data-type="tilCustomLink" target="_blank">Finance Minister assures employment and salary at Yes Bank at least for one year</a>

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

<ul class="summary-list"><li>A federal judge halted a program aimed at forgiving the loans of <keyword id="10886284" type="UNKNOWN" weightage="60" keywordseo="black-farmers">Black farmers</keyword>. </li><li>The Wisconsin Institute for <keyword id="6355470" type="UNKNOWN" weightage="100" keywordseo="law">Law</keyword> and Liberty waged a lawsuit against the program in April.</li><li>The lawsuit on behalf of white <keyword id="45092" type="COMPANY" weightage="60" keywordseo="farmers">farmers</keyword> claimed the program was discriminatory. </li></ul>The Department of Agriculture promised it would start paying off the loans of Black and other minority farmers this month before a Wisconsin federal judge halted the program on Thursday. US District Judge William Griesbach issued a temporary restraining order suspending the program because of a lawsuit by the Wisconsin Institute for Law and Liberty, a conservative group based in Milwaukee, who filed the suit on behalf of white farmers who said it was discriminatory towards them, the <a href="https://www.jsonline.com/story/news/2021/06/10/judge-suspends-biden-debt-relief-program-farmers-color/7646187002/" target="_blank" rel="noopener">Milwaukee Journal Sentinel</a> reported. The $1.9 trillion <keyword id="10601442" type="UNKNOWN" weightage="60" keywordseo="american-rescue-plan">American Rescue Plan</keyword> signed by President Joe Biden in March set aside <a href="https://www.usda.gov/arp">$4 billion toward debt relief</a> for socially disadvantaged farmers to pay off burdensome debts. It would pay up to 120% of direct or guaranteed farm loan balances for Black, American Indian, Hispanic, Asian American, or Pacific Islander farmers. "This is a big deal for us," John Boyd, Jr., president of the National Black Farmers Association, told <a href="https://www.cbsnews.com/news/black-farmers-covid-relief-stimuus-bill-american-rescue-plan/">CBS MoneyWatch</a> in March. "We see this as a great opportunity to help thousands."The program, however, was opposed by 49 Republican senators. <keyword id="134457" type="ORGANIZATION" weightage="60" keywordseo="USDA">USDA</keyword> did not respond to Insider's request for comment at the time of publication but officials told <a href="https://www.washingtonpost.com/nation/2021/06/11/judge-halts-debt-relief-program-farmers-color/">The Washington Post</a> that 17,000 farmers of color qualify for this assistance so far and vowed to defend their efforts in court. "We respectfully disagree with this temporary order and USDA will continue to forcefully defend our ability to carry out this act of Congress and deliver debt relief to socially disadvantaged borrowers," Matt Herrick, USDA director of communications, told The Post. "When the temporary order is lifted, USDA will be prepared to provide the debt relief authorized by Congress."

USDA says it'll continue to fight to pay off loans for Black farmers despite lawsuit on behalf of white farmers

New Delhi, With the start of the World Cup cricket tournament, Reliance Jio and Bharti Airtel have rolled out plans to woo cricket fans. Reliance Jio has started offering multiple prepaid plans bundled with Disney+ Hotstar where users will be able to watch World Cup cricket matches. Bharti Airtel has launched two plans, which include unlimited data for 2 days against a payment of Rs 99 and 6GB of additional data with 1-day validity for Rs 49. On the other hand, Jio has rolled out monthly, quarterly and annual plans bundled with data, unlimited voice, and subscription to Disney+ Hotstar mobile. Jio's basic plan is priced at Rs 328 and comes with 1.5 GB high-speed data per day for 28 days and a 3-month Disney+ Hotstar mobile subscription. In addition, Jio has also introduced a Rs 758 plan, which offers 1.5 GB of high-speed data per day for 84 days and comes with a 3-month Disney+ Hotstar mobile subscription. Similarly, plans priced at Rs 388 and Rs 808 offer 2 GB of high-speed data per day for 28 and 84 days, respectively, and come with 3 months of Disney+ Hotstar mobile subscription. In addition, the 84-day Rs 598 plan and the annual Rs 3,178 plan offer users one year of Disney+ Hotstar mobile subscription and 2GB high-speed data per day. With the Disney+ Hotstar bundled plans, Jio users will also get access to Disney+ Hotstar's library of specials, and national and international content, as per the company's website.

Jio, Airtel roll out special plans to woo cricket fans during World Cup

New Delhi, Mar 9 () Several people linked to Kapoor and Kapur families, the erstwhile promoters of Yes Bank, are said to have traded with unpublished inside information in shares of the now-under-moratorium lender and are under probe along with those who supplied the inside news of a government-sponsored rescue plan, sources said.Those under scanner of Sebi and other agencies include members of now disgraced Rana Kapoor family as well as those linked to the family of late Ashok Kapur, the sources said.The two erstwhile founders of one of the most famous new age banks in India's history, which used to proudly call itself the country's fourth biggest bank till about a year ago but has now become the latest example of the ever expanding financial sector distress. The bank was started in 2004.Markets regulator Sebi has been asked by other probe agencies to look deeply into the trades done on March 5, the day when the bank was placed under moratorium late in the night.Shares of Yes Bank had zoomed 27 per cent last Thursday amid reports that the government has given the go-ahead to State Bank of India and other financial institutions to take over the capital-starved company.Hours later, the RBI placed Yes Bank under moratorium, but that announcement was closely followed by another announcement from the government that SBI was asked to rescue the bank and also rope in some other investors.According to the sources, these investors are likely to include some marquee public and private sector financial institutions.They, however, said that the share deadlines of some have come under the scanner for trades conducted last Thursday and before that, presumably with inside information about the rescue plan and also about the moratorium.The suspects include those associated with the Kapoor and Kapur familes, the sources added.On Monday, Yes Bank administrator Prashant Kumar said he is hopeful of the moratorium being lifted by Saturday.Yes Bank has been put under a moratorium by the Reserve Bank till April 3, and customers are not allowed to withdraw more than Rs 50,000 from their accounts. BJ BAL

Kapoor and Kapur families under scanner for pre-collapse Yes Bank share trades

<ul class="summary-list"><li>The IRS is sending out a letter from Biden touting portions of the $1.9 trillion <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> package.</li><li>"This fulfills a promise I made to you, and will help get Americans through the crisis," it says.</li><li>A watchdog group told Insider Biden, like Trump, sent "self-serving" letters at taxpayers' expense.</li></ul>The White House has taken a page from the last administration and decided to use the power of the office to remind Americans, by direct mail, that it shares responsibility for giving them money.In the coming weeks, tens of millions of Americans who received the third round of stimulus checks thanks to the Democrats' <keyword id="10601442" type="UNKNOWN" weightage="60" keywordseo="american-rescue-plan">American Rescue Plan</keyword> will be reminded of that fact in a letter from President <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword> - and critics who also blasted the last president for promoting himself with taxpayer money are upset by the move.Recipients of the Biden letter, sent via the IRS, may be relieved to find not a request for back taxes but self-praise of promises made and promises kept."A key part of the American Rescue Plan is direct payments of $1,400 per person for most American households," Biden wrote in the letter, which was obtained by Insider. "This fulfills a promise I made to you, and will help get Americans through the crisis."The letter also details other parts of the $1.9 trillion stimulus measure passed by a party-line vote in March, some of which "will help you as well." It lists "aid for small businesses, an expanded child tax credit for families, and resources to reopen schools safely."There is also an ostensibly practical purpose for the missive: reminding people that if they have not received their stimulus checks, they can check on the status with the IRS.<div type="image" title="biden irs letter" height="3073" width="2499" msid="82265543" hostid="261"></div>The letter is identical in formatting to one sent by former President Donald Trump along with the <a href="https://www.businessinsider.com/stimulus-checks-signed-trump-letters-cares-coronavirus-impact-payments-praise-2020-4">first round of stimulus checks</a> in April 2020. Both were sent out by the IRS, used White House letterhead, and began by addressing, "My fellow American."At the time, Citizens for Responsibility and Ethics in Washington, a center-left watchdog group, criticized Trump's letter as "self-aggrandizing ... at taxpayer expense."Noah Bookbinder, the president of CREW, told Insider there were "aggravating factors" in Trump's letter, such as his putting his own signature on the stimulus checks, a decision that may have <a href="https://www.businessinsider.com/trump-putting-name-on-stimulus-checks-wapo-2020-4">delayed their mailing</a>. Nevertheless, "this trend toward presidents sending self-serving signed letters at taxpayer expense is unfortunate regardless of who does it," he said, adding: "I hope that President Biden will not learn the wrong lessons from his predecessor and continue this kind of tactic."The Treasury Department did not immediately respond when Insider asked how much it cost to print and mail the letters.Have a news tip? Email this reporter: <a href="mailto:cdavis@insider.com">cdavis@insider.com</a>.

You Searched For "yes plan rescue plan" and got 10 results

SBI says its evaluating draft reconstruction scheme for Yes Bank

PTI

Yes Bank gets Rs 250 crore from IDFC First Bank

PTI

Only a third of Americans think Biden's stimulus bill is too big, survey finds

Ayelet Sheffey

Unemployment benefits aren't getting taxed - but people may not know that

Juliana Kaplan,Nick Lichtenbe…

The IRS just disbursed 2.2 million more $1400 stimulus payments, but it mostly went to recent tax filers

Francis Agustin

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

Sriram Iyer

USDA says it'll continue to fight to pay off loans for Black farmers despite lawsuit on behalf of white farmers

Sarah Al-Arshani

Jio, Airtel roll out special plans to woo cricket fans during World Cup

PTI

Kapoor and Kapur families under scanner for pre-collapse Yes Bank share trades

PTI

Biden sends out IRS letter heralding stimulus checks, prompting critics to say he's acting like Trump

Charles Davis

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