Congress Passes the American Rescue Plan

The House gave final approval to the $1.9 trillion coronavirus relief bill on Wednesday, passing it to President Biden's desk for his signature. The colossal package known as the American Rescue Plan allocates money for vaccines, schools, anti-poverty programs, and overdue aid for small businesses, including:

• A new $28.6 billion grant program for restaurants and bars that have lost revenue because of the pandemic

• $1.6 billion in grant money for music clubs and other event venues

• An expansion of Paycheck Protection Program eligibility to include more nonprofits and digital media companies, as well as an additional $7.25 billion for the program

• $15 billion for the Economic Injury Disaster Loan (EIDL) Advance Grants Program to provide grants of up to $10,000 per business to small businesses in low-income communities that have been most affected by the pandemic

• $1.25 billion for the Shuttered Venue Operators Grant program. Eligible applicants can now access both the Shuttered Venue Operators Grant and PPP to address SVOG’s delayed start

• $175 million for Community Navigator pilot program, which is designed to help small businesses in underserved and underbanked communities access the COVID-19 relief resources available to them

• $1.325 billion in administrative funding to the Small Business Administration, so the agency has the resources and workforce necessary to implement the programs