FOREST ACRES, S.C. — After long congressional negotiations, the American Rescue Plan was finally signed into law by President Joe Biden this week.
While many Americans are looking forward to stimulus payments through the plan, billions were also included to support small businesses.
According to the Small Business Administration (SBA) the following are included in the plan:
- $7.25 billion additional for the Paycheck Protection Program (PPP), including to expand eligibility to additional nonprofits and digital news services.
- Additional funds are allocated for the Shuttered Venue Operators Grant program, and now allows 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 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.
- 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.
Frank Schiano who owns his name-sake Italian pizza and pasta restaurant in Forest Acres said the PPP loan was a great help to his business after a year of limited in-house service due to the pandemic.
"It really helped in those first two months," Schiano said. "We were able to maintain our staff and were able to build it back through the carry out, waiting for the dining room to open. So, it really did help us.”
While he's not planning to reapply at this time, he said he's thankful the support is available for small businesses, not only from the government, but from the community that helped him and others through a challenging year.
“I’ll be forever grateful because we were on pins and needles when we started and we didn’t know whether we would survive it or not," Schiano said.
According to the SBA, more information on relief from the plan can be found at www.sba.gov/coronavirusrelief with additional details expected in the coming weeks.