Breaking News - American Rescue Plan Act Elevates Small Business Support in Response to COVID-19 Pandemic

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American Rescue Plan Act Elevates Small Business Support in
Response to COVID-19 Pandemic

Statement from SBA Senior Advisor Michael Roth


Upon President Biden signing the American Rescue Plan Act of 2021 into law, the U.S. Small Business Administration’s Senior Advisor Michael Roth stated: 

“The American Rescue Plan Act enables the SBA to continue to lift up the cornerstones of our communities; the mom-and-pop businesses and nonprofits that provide essential services for our everyday lives, hire from within neighborhoods, and more. Our nation’s more than 30 million small businesses are the economic engine of this country and, in alignment with the Biden-Harris Administration’s focus on equitable treatment, the SBA will work tirelessly to ensure eligible borrowers will get access to this critical economic relief.”

The American Rescue Plan Act’s Small Business Assistance and Support

The American Rescue Plan Act provides additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts, including:

  • $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
  • Additional funds are allocated for the Shuttered Venue Operators Grant program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
  • $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
  • NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants  
  • NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.

SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief, and more details about these program updates and new efforts the SBA will administer in the coming weeks.


Deadline Approaching in California
for 
SBA Working Capital Loans
Due to Civil Unrest

Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded California small businesses of the April 7, 2021, deadline to apply for an SBA federal disaster loan for economic injury caused by the civil unrest in Sacramento and San Diego counties that occurred May 26 – Dec. 28, 2020.

According to Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield said.

These low-interest federal disaster loans are available in the counties of Amador, Contra Costa, El Dorado, Imperial, Orange, Placer, Riverside, Sacramento, San Diego, San Joaquin, Solano, Sutter and Yolo.

The interest rate is 3 percent for businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.


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San Diego and Imperial County Small Businesses
Get Help Today!

Connect with one of our excellent local resource partner organizations now!

SCORE San Diego

SBDC San Diego and Imperial Valley Network

San Diego & Imperial Women's Business Center

SOCAL Veterans Business Outreach Center

San Diego, Orange, Imperial Procurement Technical Assistance Center


Small Business Training Calendar Links

The SBA and its resource partner organizations offer many workshops and training events (webinars), for entrepreneurs and small business owners, on an on-going basis. Please take a moment to review our upcoming events now, and bookmark the sites listed below for future reference. We look forward to seeing you at one or more of our future events.

SBA Calendar

SCORE San Diego

SBDC San Diego and Imperial Valley Network

San Diego & Imperial Women's Business Center

SOCAL Veterans Business Outreach Center

San Diego, Orange, Imperial Procurement Technical Assistance Center


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