Where can I find information about the American Rescue Plan Act for small businesses?
ARPA expands relief for small businesses and industries hard-hit by the pandemic. The Small Business Administration (SBA) will oversee most of these programs. ARPA small business relief includes:
- $7.25 billion additional funding for the Paycheck Protection Program (PPP) and expands eligibility to additional nonprofits and digital news services (section 5001);
- $1.25 billion for the Shuttered Venue Operators Grant (SVOG) program and allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG (section 5005);
- $15 billion additional funding for Targeted Economic Injury Disaster Loan (EIDL) Advance payments, including $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit (section 5002);
- $28.6 billion for the Restaurant Revitalization Fund (grants) (section 5003);
- $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 (section 5004).
The following online resources are available for researchers with questions about ARPA and small businesses.
- Coronavirus Relief Options – SBA
- COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options – Congressional Research Service
- SBA Shuttered Venue Operators Grant Program (SVOG) – Congressional Research Service
- Everything You Need to Know About Coronavirus Federal Small Business Stimulus Aid Programs External – Chamber of Commerce
Additionally, ARPA provides that many businesses that have been severely impacted by the pandemic will qualify for two new employer tax credits – the Credit for Sick and Family Leave (sections 9641-9643) and the Employee Retention Credit (section 9651). Information on these programs is available from the IRS at Coronavirus Tax Relief for Businesses and Tax-Exempt Entities.
Additional resources may be added to this FAQ when/if sites are updated to reflect ARPA.
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