Retail Business Positively Impacted By $1.9T Bill

The COVID-19 stimulus bill that President Joe Biden signed into law on March 11 includes more help for small business and non-profits, restaurants, shuttered venues (indoor entertainment) and minority-owned businesses.

The $1.9 trillion American Rescue Plan Act of 2021 adds $7.25 billion to the Paycheck Protection Program (PPP) and expands eligibility to small businesses and others hurt by the pandemic, including nonprofits – please note: what it does not do is extend the PPP beyond its March 31 deadline. It also includes a $28.6 billion grant program to provide direct aid to restaurants. This money can be used for a variety of expenses, including payroll, mortgage and rent, utilities, food, and beverages.

It provides another $15 billion for the Shuttered Venue Operators Grant program which helps concert venues, museums, and theaters that were forced to close due to COVID-19 restrictions – and allows those businesses to apply for the grant and a PPP loan.

Additionally, the stimulus bill provides $15 billion more to the Emergency Injury Disaster Loan (EIDL) program, including its Advance Grant program. Severely impacted small, minority-owned businesses and those in underserved areas with fewer than 10 employees will be given priority for some of the money. Here are some additional provisions related to small businesses you may have missed.

• $1,400 stimulus checks for some Americans
• Extensions of pandemic unemployment benefits
• Billions of dollars in aid to states and municipalities
• $300 weekly unemployment supplement
• Extends from March 31 to September 30 the tax credits available to employers who voluntarily provide Families First Coronavirus Response Act (FFCRA) leave
• Expansion of a child tax credit

According to the U.S. Small Business Administration (SBA), the focus of these funds is to continue to support small businesses and nonprofits that provide essential services daily, hire from within neighborhoods, and much more.

Please go to www.sba.gov for more information.