Statement from SBA Senior Advisor Michael Roth
“The American Rescue Plan Act enables the SBA to continue to lift up the cornerstones of our communities; the mom-and-pop businesses and nonprofits that provide essential services for our everyday lives, hire from within neighborhoods, and more. Our nation’s more than 30 million small businesses are the economic engine of this country and, in alignment with the Biden-Harris Administration’s focus on equitable treatment, the SBA will work tirelessly to ensure eligible borrowers will get access to this critical economic relief.”
The American Rescue Plan Act’s Small Business Assistance and Support
The American Rescue Plan Act provides additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts, including:
- $7.25 billion additional for the Paycheck Protection Program, 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.
“The SBA Utah District Office remains committed to Utah’s small business owners and will continue to work toward helping entrepreneurs who are eligible, apply for the funding available through these programs,” said SBA Utah District Director Marla Trollan. “Further updates are expected very soon.”
For continued updates business owners and nonprofit organizations should subscribe to the SBA Utah District Office newsletter at www.sba.gov/offices/district/ut/salt-lake-city and follow on Twitter @SBA_Utah as information will be updated as it changes.
SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief and more details about these program updates and new efforts the SBA will administer in the coming weeks.