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by David Snedeker, Northeastern Vermont Development Association
As you have likely heard there will be funding for local governments in the American Rescue Plan Act passed by Congress and signed into law. Your can find the bill here: American Rescue Plan Act . Title IX, Part 8, Subtitle M, Section 9901, Sections 602 and 603 are the most relevant Here, but there are a number of community services that are supported throughout the bill that may not be municipal in nature, but which will support community needs.
The exact amounts that will be available, the eligible uses, and the means of distribution of funds are not clear at this point, but it does appear that the funding will have a 3-year lifespan (i.e., expiration in 2024.) As guidelines are developed at the federal and state levels, and as we learn more, we ll pass along information to you as quickly as possible.
Paycheck Protection Program
The CAA bill authorized new rounds and additional funding for the Paycheck Protection Program (PPP), which opens starting this week for new borrowers and certain existing PPP borrowers. Loans under $150,000 will be forgiven via a simple one-page form. Key PPP updates include:
PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;