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:

If you own a small business
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$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.

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