On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law providing additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts.
Specifically, the new law includes:
- $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services. Revised FAQs, revised How to calculate First Draw and revised How to calculate Second Draw updated on SBA.gov/ppp
- Additional funds are allocated for the Shuttered Venue Operators Grant (SVOG) program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020,and the SVOG. Revised FAQs updated on SBA.gov/svog
- $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including 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. Details coming soon
- 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. Details coming soon.
Information about the SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief. More details about these program updates and new efforts the SBA will administer will be posted online in the coming weeks.