American Rescue Plan Addresses The Needs Of Small Businesses

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American Rescue Plan Addresses The Needs Of Small Businesses
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Cardin, Reed to Outline Plan to Get Overdue, Targeted COVID-19 Relief to Small Businesses and Critical Community Services

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American Rescue Plan would boost COVID-19 response, help prevent small business closures and mass layoffs, and allow communities to target federal funds to meet most pressing challenges

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Fulfilling Small Businesses' Needs

(Washington, DC) – The COVID-19 pandemic and economic disruption continues to wreak havoc on families, businesses, health systems, and our economy.

Tomorrow, Tuesday, March 2 @ 12:00pm ET, U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) and U.S. Senator Jack Reed (D-R.I.), a senior member of the Senate Banking Committee and a key proponent of the $150 billion Coronavirus Relief Fund in the CARES Act, will host a press call to discuss the urgent need for COVID-19 relief for small businesses and states, localities, and Tribal nations, and U.S. Territories responsible for critical community services. The senators will be joined by Small Business Majority Founder & CEO John Arensmeyer.

This week the U.S. Senate is taking up a comprehensive package of legislation that includes help for struggling small businesses, states, and communities. The American Rescue Plan includes $1,400 stimulus checks to individuals, an extension of unemployment insurance, and tens of billions in aid for small businesses and not-for-profits, as well as $350 billion for state, local, and Tribal governments, many of which have experienced increased costs and lower tax revenues due to the pandemic.

The American Rescue Plan is supported by a broad, diverse and bipartisan coalition—including governors, mayors, and small business owners in red states and blue states alike—who agree that this legislative package is necessary to help save lives, livelihoods, and Main Street businesses.

Without this needed, long overdue federal relief, states, localities, Tribal nations, and U.S. territories could face steep workforce reductions, increased costs associated with addressing the pandemic, and large budget shortfalls that could endanger critical community services. State and local government employment—including teachers, firefighters, public health workers, and police officers—has already fallen in all 50 states compared to the same period in 2019. And states and local governments are in dire need of federal assistance to meet the unprecedented costs necessary to address this immediate crisis, limit long-term harm caused by the pandemic, and address longstanding inequities exacerbated by COVID-19.

What Does The American Rescue Plan Provide?

The American Rescue Plan will address the ongoing needs of small businesses in the hardest-hit communities and business sectors by providing:

  • $25 billion in grants for restaurants and bars that have lost revenue because of the pandemic;
  • $15 billion funds Economic Injury Disaster Loan (EIDL) Advance grants of up to $10,000 per business;
  • $7.25 billion plus up of the Paycheck Protection Program (PPP) that expands eligibility for nonprofits and digital media companies;
  • $1.25 billion for the Shuttered Venue Operators Grant program;
  • $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; and more.

Additionally, the American Rescue Plan will provide a $350 billion state and local aid package to help states and local governments of all sizes deal with urgent needs and lagging, negative economic impacts of COVID-19, including:

  • $195.3 billion directed to state governments, with $169 billion distributed based on a state’s share of total unemployed workers, with $25.5 billion evenly divided among all states and the District of Columbia – with each state receiving a minimum of $500 million;
  • $130.2 billion targeted to local governments and equally divided between cities and counties using a formula that targets funds to areas of greatest need;
  • $20 billion for Tribal governments; and
  • $4.5 billion to U.S. Territories.

WHO:

  • Senator Ben Cardin (D-MD), Chair of the Senate Committee on Small Business and Entrepreneurship
  • Senator Jack Reed (D-RI), a senior member of the Banking, Housing, and Urban Affairs Committee
  • Small Business Majority Founder & CEO John Arensmeyer

WHAT: Senators Ben Cardin and Jack Reed to discuss urgent need for COVID-19 relief for state & local governments and small businesses.

WHEN: TOMORROW, Tuesday, March 2 at 12:00pm ET

RSVP: Email [email protected] to RSVP for the call.

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