What’s Inside the New American Rescue Plan for Small Businesses
On March 11, 2021, President Biden signed the American Rescue Plan Act into law, which provides 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
- 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.
Criminals have taken advantage of the COVID-19 Economic Injury Disaster Loan (EIDL) program by using stolen information to get loans in someone else’s name, or in the name of that person’s company. If you or your business is billed for an SBA EIDL you don’t owe, the SBA has new guidance about reporting the fraud, and the FTC has tips to help you clear up any credit problems it may cause.
Friendly reminder! Looking to apply for the Shuttered Venue Operators Grant? You will need to be registered in the U.S. government’s System for Award Management, SAM.gov.
The SBA only communicates from email addresses ending in @sba.gov. If you are being contacted by someone claiming to be from the SBA who is not using an official SBA email address, you should suspect fraud.
During Women’s History Month, we look back on the many accomplishments women business owners have made while also taking stock of the challenges and adversity they continue to overcome during these extraordinary times. SBA is prioritizing the continued advancement of opportunities for women-owned businesses through a variety of programs. Take advantage of the following resources SBA has to help you start, grow, expand or recover your business.
- Coronavirus relief options
- Business guide to start, manage and grow a business
- Access to capital
- Business counseling and training through the Women’s Business Centers
- Women-Owned Small Business Federal Contracting Program
Webinar: Taking Veteran-Owned Businesses into the Global Marketplace
March 24, 2021 | 2:30pm EDT
Join the U.S. Small Business Administration and the Veterans Business Outreach Center at Old Dominion University for a webinar on March 24 about export success of veteran-owned businesses. The webinar will include:
- Insights from successful veteran-owned small business exporters
- Strategies for launching or expanding your global sales
- Information on the “Vets-Go-Global” webinar series that walks businesses and small business counselors through exporting basics
- SBA international trade resources available to facilitate global market success, including grant programs to support global expansion
Webinar Series: Getting It Right – Know Your Fiduciary Responsibilities
The U.S. Department of Labor’s Employee Benefits Security Administration announced a new compliance assistance webinar series, Getting It Right – Know Your Fiduciary Responsibilities. The series includes:
- March 17, 2021 – Basic fiduciary responsibilities when operating an employer-sponsored retirement plan and prohibited transaction provisions and exemptions under ERISA. Register
- March 23, 2021 – Reporting and disclosure requirements for employer-sponsored retirement plans and the Department of Labor’s voluntary correction programs. Register
Be Inspired: Small Business Success Story in Celebration of Women’s History Month
In 1997, Karen Williams began her career in construction as an office manager for a local firm. Williams realized she needed to strengthen her business skills so she earned associate degrees in accounting and business administration. As an office manager, Williams learned the ins and outs of the construction industry and was able to rise within the ranks from office manager to vice president of the company.
Federal Coronavirus Resources
State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House’s COVID-19 Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention. Visit covid-sb.org, the official federal resource website for U.S. small businesses affected by COVID-19.
Learn more about the federal government’s response
Virtual Mentoring and Training
Offices around the country may be closed due to the pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.
Find an SBA resource partner near you
U.S. Small Business Administration
409 3rd St, SW. Washington DC 20416
www.sba.gov
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