American Rescue Plan Act Elevates Small Business Support

​Today President Biden signed the American Rescue Plan Act of 2021 into law providing additional relief for the nation’s small businesses and hard-hit industries.
This includes additional support 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 (SVOG) 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.  

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

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