Get The Latest COVID-19 Updates From Small Business Administration
COVID Relief Bill Signed Into Law
Congress approved a landmark $1.9 trillion COVID-19 relief bill last week, with the House approving the package by a near-party line 220-211 vote. Republicans unanimously opposed the measure.
President Joe Biden signed the bill into law on Thursday afternoon.
"This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country, a fighting chance," Biden said in the Oval Office before signing the legislation. "That's what the essence of it is."
Titled the American Rescue Plan (ARP), the bill provides $1.9 trillion in additional relief to respond to the pandemic. The bill includes aid to state and local governments, hard-hit industries and communities, tax changes affecting individuals and businesses, and boosts for public transit and airports.
The legislation marks the sixth aid package Congress has passed since last March. However, it’s the first to pass without bipartisan support.
American Rescue Plan Act Elevates Small Business Support in Response to COVID-19 Pandemic
“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.