American Rescue Plan

The American Rescue Plan Act contains a number of provisions for small businesses. Specifically, the bill provides:

• $15 billion for targeted Economic Injury Disaster Loan (EIDL) advance payments.
  • National Association of Home Builders – SBA Increases Loan Limits for COVID-19 EIDL Program
• $7.25 billion for Paycheck Protection Program (PPP)
  • Forbes – Why Your Small Business Should Apply For A PPP Loan Right Now
    • Deadline moved from March 31st to May 31^st
• $28.6 billion for restaurants, bars, and other eligible providers of food and drink in the Restaurant Revitalization Fund (RRF)
  • National Restaurant Association – RRF grant applications won’t require a DUNS number
  • JDSPURA – What You Need to Know About the Restaurant Revitalization Fund Grant Program
• $1.25 billion more for Shuttered Venue Operators SVOG – $15 Billion initially
  • LIVE April 8
    • Update – There have been multiple issues regarding application process publicized
    • NY TIMES – Cultural Venues’ Quest for Billions in Federal Aid Is Halted by Glitch
    • Journal of Accountancy – Shuttered Venue Operators Grant program closes for repairs on its opening day
    • Facebook Group – SVOG Act Now – Discussion, comments, questions, etc. on the new program
• Employee Retention Credit and Paid Leave Credit Programs
  • Journal of Accountancy – How to claim the employee retention credit for the first half of 2021
• Other Resources
  • Journal of Accountancy
    • IRS explains which meals qualify for temporary 100% expense deduction
  • National Federation of Independent Business
    • TX House Passes COVID-19 Loan Tax Bill – If passed by the Senate and signed into law, the bill would save small business owners millions of dollars in taxes.
      • As of 4/7/21 – Left pending in committee

Information provided by Denton County. Download more information on the American Rescue Plan and the American Jobs Plan.