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

District Office representing Central South Texas

u s small business administration
Coping with COVID-19

 

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

 

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.

 

For more information and updates, visit www.sba.gov/coronavirusrelief, or Treasury.gov/CARES