The American Rescue Plan Act, a $1.9-trillion economic relief package signed into law on Thursday by President Joe Biden, is slated to provide billions of dollars in aid to small businesses around the country.
A release from the U.S. Small Business Administration detailed on Thursday some of the law’s provisions to benefit businesses.
“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,” said SBA Senior Advisor Michael Roth, in a statement.
Financial allocations under the law include:
- A new $28.6-billion Restaurant Revitalization Fund
- $100 million to establish a new Community Navigator pilot program to provide grants for organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources
- $15 billion additional for Targeted Economic Injury Disaster Loan Advance, including $5 billion for a new Supplemental Targeted EIDL Advance payments for hardest hit applicants
- $7.25 billion additional for the Paycheck Protection Program, as well as expanded eligibility for nonprofits and digital news services
- An undisclosed amount to support the Shuttered Venue Operators Grant program, as well a new allowance permitting companies to apply to both the SVOG program as well as PPP
