Main Street America sent out the following very helpful guide to the recently enacted $1.9 trillion federal stimulus package. It is copied below.
Yesterday, President Biden signed the American Rescue Plan (ARP), a $1.9 trillion package with broad, robust support for new and existing federal programs to help the nation through the remainder of the pandemic. Several provisions of this package have the potential to support both our communities and the specific local economic development work of Main Street programs.
The package includes:
- Small Business Support: The package allocates an additional $7.25 billion to the Paycheck Protection Program (PPP) and restores the State Small Business Credit Initiative (SSBCI), which will deliver $10 billion in flexible, affordable capital to small businesses. In addition, the package includes a new, $28.6 billion program to support independent bars and restaurants. The Independent Restaurant Coalition has specific resources to prepare restaurants for this grant opportunity.
- State and Local Funding: The package includes $350 billion dollars of state and local funding. This funding can be utilized by states and cities to cover costs or replace revenue due to the pandemic. Broadly, this will help many communities that have suffered budget shortfalls.
- Community Navigator Program: Established through the Small Business Administration (SBA), this $100 million program will provide funding to entities that are assisting small businesses in accessing SBA programs, including private non-profits and local governments.
- Economic Development Administration (EDA) funding: The package provides $3 billion in additional funding to the EDA through the Economic Adjustment Assistance program. This is flexible funding, and all non-profit entities and local governments are eligible.