Small Business Resources
More Funding and Expanded Access for Paycheck Protection Program (PPP)
The American Rescue Plan authorizes an additional $7.25 billion for the Paycheck Protection Program and expands access to the program for more categories of non-profit entities. The program offers forgivable loans to small businesses and nonprofit organizations for businesses that spend over 60% of the funds on payroll expenses.
For more information on the Paycheck Protection Program, please visit the Small Business Administration’s Website.
Expansion of SBA’s Economic Injury Disaster Loan (EIDL) Program
The American Rescue Plan allocates $15 billion for the Targeted EIDL Advance program. This program is specifically for EIDL applicants in low-income communities who previously received a partial EIDL Advance (less than the $10,000 maximum amount) or who applied but did not receive any funds due to a lack of programmatic funding.
No action from applicants is necessary at this time. The SBA will proactively reach out to eligible businesses about additional relief.
New SBA “Restaurant Revitalization Grant” Program in ARP
The American Rescue Plan authorizes $28.6 billion for a new grant program through the Small Business Administration to provide assistance for restaurants and other food and drink establishments. Grants will be available for up to $10 million per entity and will be calculated by subtracting 2020 revenue from 2019 revenue. Funds may be used for a wide variety of expenses including payroll, mortgage, rent, utilities, supplies, food and beverage expenses, paid sick leave, and operational expenses. Restaurants owned and operated by women, veterans, and socially or economically disadvantaged individuals will receive priority in the first 21 days of the application being open.
The application process for this grant fund is still under development. We will update this fact sheet as more information becomes available, and we encourage you to visit www.sba.gov for the latest information.