On Thursday, President Joe Biden signed the COVID stimulus bill – also known as the American Rescue Plan – into law. While much focus is on the $1,400 direct payments, there are some specific spending measures tailored for small business.
The $1.9 Trillion American Rescue Plan includes three programs specifically for small businesses. Those 3 programs total $55 Billion.
The three programs are:
- A new $25 Billion program specifically for restaurants
- $15 billion to re-fund the Economic Injury Disaster Loan Program.
- $15 billion to state and local governments, earmarked for small businesses.
Additionally, the provision that would have raised the national minimum wage to $15 has been dropped from the bill.
