In a statement on the first anniversary of the American Rescue Plan (ARP), President Biden’s plan to contain COVID-19 and rescue the economy, the Small Business Association (SBA), said the plan has given $450 billion to small business.
SBA Says American Rescue Plan Has Given $450 Billion to Small Business
To mark the one-year anniversary, SBA Administrator Isabella Casillas Guzman, issued a statement on how the ARP has been critical for small business survival.
“The SBA was transformational for small businesses, providing over $450 billion in critical recovery funding to more than 6 million entrepreneurs, helping them survive, reopen, and once again thrive even in the face of deep challenges.”
Helping Small Businesses Navigate Challenging Times
The SBA Administrator went on to note how the different programs of the American Rescue Plan have helped small businesses and entrepreneurs navigate these challenging times.
The different programs, some of which are aimed at specific industries, include the Restaurant Revitalization Fund, the Paycheck Protection Program, COVID Economic Injury Disaster Loans, and Shuttered Venue Operators Grants. Casillas Guzman notes how many small businesses credit the different programs as saving their business.
The SBA Administrator stated how because of the ARP, the people of American have been able to return to work at an “unprecedentedly fast pace.”
Record Rates of New Business
With entrepreneurs applying to start new businesses at a record rate, which is now 30% higher than before the pandemic, Casillas Guzman said the recovery efforts have sparked a surge in entrepreneurship.
The SBA stated that despite the efforts, gains and successes, there is more to be done and the Biden-Harris Administration is “working to strengthen supply chains and open more doors of opportunity so small businesses can continue to serve their customers and keep creating good-paying jobs.”
More Opportunities on the Horizon
In the one-year statement of the ARP’s anniversary, Casillas Guzman informed that there are more opportunities for small businesses on the horizon, with the Infrastructure Investment and Jobs Act, Made in American priorities, alongside the SBA and its local partners continuing to work to ensure the smallest businesses in the US benefit from such prospects.
For small businesses and entrepreneurs in the US, it is important they remain informed and up-to-date with the opportunities available to them through the SBA, so they are best equipped for growth and success.
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