The American Rescue Act was signed into law last week and includes some extensions to existing stimulus programs as well as the creation of new ones for small businesses.
Here are some of the key program changes the US Small Business Administration (SBA) will implement for small businesses:
- $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services with money set aside specifically for businesses in low-income communities.
- Additional funds are allocated for the Shuttered Venue Operators Grant (SVOG) program, and new provisions to allow 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 a 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 (for as much as $10 million to make up the loss of revenue between 2020 and 2019) to help restaurants, bars, food trucks, caterers, or similar places of business. Applications are not yet available.
- 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.
Keep checking this website for updates and more details about current and new programs. Overwhelmed? Business counselors at the Nevada SBDC are available to provide assistance.