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!