President Biden signed his 1.9 Trillion Covid-19 stimulus plan into law today (March 11, 2021). With the passage of the legislation complete, a challenging effort begins to implement one of the largest stimulus measures in U.S. history. Here are some provisions related to small businesses.
- $1,400 stimulus checks for some Americans
- Extension of pandemic unemployment benefits
- Billions of dollars in aid to states and municipalities
- $300 weekly unemployment supplement
- Expansion of a child tax credit
According to the Journal of Accountancy, the American Rescue Plan Act includes several additional small business relief provisions, including:
- $15 billion for targeted Economic Injury Disaster Loan (EIDL) advance payments.
- $29 billion for restaurants, bars, and other eligible providers of food and drink.
- $1.25 billion for shuttered venue operators.
If you own a small business
$15 billion to the Emergency Injury Disaster Loan Program, which provides long-term, low-interest loans from the Small Business Administration. Severely impacted small businesses with fewer than 10 workers will be given priority for some of the money.
$25 billion for a new grant program specifically for bars and restaurants. Eligible businesses will receive up to $10 million and can use the money for a variety of expenses, including payroll, mortgage and rent, utilities and food and beverages.
The Paycheck Protection Program, (additional) which is currently taking applications for second-round loans, wukk get an additional $7 billion and the bills would make more non-profit organizations eligible.
Another $175 million will be used for outreach and promotion, creating a Community Navigator Program to help target eligible businesses.