How Your Small Business Benefits from the Latest Stimulus Bill
Updated: Jul 7, 2021
The U.S. Congress recently passed a $1.9 trillion COVID-19 relief bill, officially known as the American Rescue Plan Act of 2021. In addition to the $1,400 stimulus checks (that many individuals have already received), this bill has several offerings that can help small businesses. Let’s break down some of the enhancements included to see what’s in it for you…
The Small Business Administration (SBA) has extensive information about what is currently included in the plan, and what’s new under this latest round of relief. This summary has a few links, but then we’ll dive deeper into the two new additions later in this post:
NEW: Implemented the Restaurant Revitalization Fund for industry-focused grants with $28.6 billion in funding.
NEW: A Community Navigator Pilot Program has been established that will give a total of $100 million in grants to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.
EXISTING: The Paycheck Protection Program (PPP) has expanded its eligibility to additional nonprofits and digital news services.
EXISTING: The Shuttered Venue Operators Grant program allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG.
EXISTING: The Targeted Economic Injury Disaster Loan Advance (EIDL) payments were expanded, including new $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit.
More About the Restaurant Revitalization Fund
This new addition to the COVID relief bill targets grants to small restaurants, initially prioritizing those controlled by women, veterans, and socially and economically disadvantaged individuals.
Who is eligible for the Restaurant Revitalization Fund? Establishments eligible for grants under this new initiative include:
Bars & Brewpubs
Taverns, Tasting Rooms, & Tap Rooms
Lounges, Inns & Saloons
Food Carts, Food Stands, Food Trucks
Who does not qualify for the Restaurant Revitalization Fund? Food and beverage businesses that do not qualify include:
State or local government-operated businesses
Restaurant chains that through affiliates operate more than 20 locations as of March 13, 2020.
Restaurants that already received a grant or have a pending SVOG application.
To learn more about resources and how your establishment can get started on a Restaurant Revitalization grant application, visit www.RestaurantsAct.com.
A Closer Look at the Community Navigator Pilot Program
The Community Navigator Pilot Program was established to ensure that U.S. small businesses receive the support they need to access federal relief programs that can help them weather the economic downturn caused by the coronavirus pandemic.
Here’s how it works: traditional business assistance organizations enlist culturally knowledgeable partners to work with the SBA to reach out to specific sectors of the entrepreneurial community.
In this initial phase, the Community Navigator approach will target Native-American and women-owned small businesses. If you are a small business owner under one of these two categories, contact your local Women’s Business Center, organizations like SCORE, or the Office of Native American Affairs.
Need Tax Assistance or Help Navigating the New Stimulus Benefits? Sidekick is Here for You!
Not only is there a lot of COVID1-9 relief information to soak in about what you’re entitled to; there’s also a tax filing deadline looming (but fortunately extended until MAY 17, 2021). Focus on what you do best in your business—your business—and let our Sidekick Accounting experts help you with the rest. Get started with a complimentary consultation that you can schedule at your convenience.