American Rescue Plan Act of 2021

The American Rescue Plan Act was signed by President Biden on March 11.

What does this mean for Small Businesses?

There will be additional support for programs the SBA is currently administering and a few new efforts, including $7.25 billion additional for the Paycheck Protection Program, and expanding eligibility to additional nonprofits and digital news services.

Additional funds are now allocated for: 

  • Shuttered Venue Operators Grant (SVOG) program, now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
  • $15 billion for Targeted Economic Injury Disaster Loan Advance (EIDL) payments
  • $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
  • $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants   
  • $100 million to establish a Community Navigator pilot program

Grants will go to eligible organizations to support efforts to improve access to COVID–19 pandemic assistance programs and resources.

 Information about the SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief.

More details to come!

.



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

<span>%d</span> bloggers like this: