The Biden Administration enacted the American Rescue Plan on March 11th, 2021, providing better covid-19 relief to individuals and small businesses that needed the money most. Millions of Americans and families received $1400per person, and existing small business aids and grants were improved and expanded upon. Here’s how the America Rescue Plan can help your business through these uncertain times.
Programs Benefiting Small Businesses
- The Paycheck Protection Program received $7.25, and later a bill was passed to delay the application process deadline.
- The Economic Injury Disaster Loan Advance program was given $15 billion, which included $5 in grants for businesses that were affected especially hard.
- The Shuttered Venue Operations Grant was updated to make borrowers of PPP eligible for the SVOG as well.
- A community Navigator program was established, with the purpose of supporting businesses in less affluent communities, with a funding of $100 Million.
- The Restaurant Revitalization Fund was established with funding of $28.6 billion. Under this fund, restaurants were given $5 million and restaurant chains were given $10 million.
How To Apply for American Rescue Plan Relief
Most of the programs funded by the American Rescue Plan are not active yet, but American citizens and business owners can still benefit from the PPP or EIDL programs by contacting an SBA-approved lender. Keep a close eye on when other programs become available.
Qualifying For Direct Stimulus Checks
Small business owners can qualify for the direct stimulus check of $1400, as long as they are a US citizen and not a dependent of another taxpayer. To qualify, citizens also need a valid social security number, and fall below a specific income cap This income cap depends on the following factors:
