How the most recent coronavirus stimulus package can help small businesses
As owners work to stay open, $59 billion worth in financial assistance has been set aside
Posted: Mar 17, 2021 1:50 AM
Updated: Mar 17, 2021 1:52 AM
Posted By: Alex Jirgens
MASON CITY, Iowa - All across the country, small business owners have been trying to keep their heads above water for the past year, applying for much needed financial assistance to keep their doors open.
Thanks to the latest $1.9 trillion stimulus package that passed earlier this month, more assistance is on the way. $59 billion dollars are being set aside for small business relief and is being divided up into three packages: $15 billion allocated to the Small Business Association s Emergency Injury Disaster Loan Program; a $25 billion grant program specifically for bars and restaurants; and about $7 billion earmarked for the Paycheck Protection Program.
“As the President said last week, once the rescue plan is signed, we’ll be able to start getting payments out this month,” White House Press Secretary Jen Psaki said Wednesday. “Treasury and IRS are working tirelessly to make that happen. They are building on lessons learned from previous rounds to increase the households that will get electronic payments, which are substantially faster than checks,” Psaki added. “We’re not going to make the same mistake we made after the last economic downtown, when Congress did too little to help the nation rebound, locking us into a long, slow, painful recovery. We are not going to be timid in the face of big challenges.”
“Today, the Senate passed the American Rescue Plan bringing us one step closer to delivering much-needed relief,” President Biden said from the White House shortly after the measured passed along party lines. “When I took office, I promised help was on the way. Thanks to Senate Majority Leader Charles Schumer and Senate Democrats, we’ve taken one more giant step forward in delivering on that promise. I hope the American Rescue Plan receives quick passage in the House so it can be sent to my desk to be signed,” the president continued.
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