TLF Update: American Rescue Plan ActMar 17, 2021
ALBANY, N.Y. (March 17, 2021) – While the U.S. Small Business Administration (SBA) is frequently making changes and updating its funding and loan options for businesses across the United States, TLF’s team of business attorneys are quick to provide their expertise and guidance for clients and business owners in order to best navigate these ever-changing times. Be sure to check back here for the latest updates and changes.
The American Rescue Plan Act
Early last week, the American Rescue Plan Act was signed into law by President Biden, providing small businesses across the U.S. with additional relief benefits, as well as new efforts being added to support industries that were heavily impacted by the COVID-19 pandemic.
The new law includes:
- $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
- $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 supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.
The SBA’s Senior Advisor, Michael Roth said:
“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.”
*For more information about the New American Rescue Plan for Small Businesses and to view the bill, click here.
QUESTIONS? Check out TLF’s webinar on the second round of PPP below and on our Youtube Page.