March 11, 2021 – The American Rescue Plan Act – a $1.9 trillion economic stimulus package – has been passed by Congress and signed into law by President Biden. As an advocate for your business, we want to update you on new opportunities you may have for funding your company during the coronavirus pandemic.
1) PPP loans – for a limited time only!
The Paycheck Protection Program received an additional $7.25 billion in funding and extends eligibility to larger nonprofits and online-only news websites – but will not be extended past May 31. You’ll need to move fast to apply for this low-interest loan to cover payroll, rent, utilities and other operating expenses.
2) New grants for restaurant and bar owners
Food service businesses hard hit by COVID-19 are eligible for new grants from the Small Business Administration. The Restaurant Revitalization Fund allocates funding of up to $5 million per bar or restaurant (or $10 million for groups of restaurants with 20 or fewer locations.)
The SBA is targeting a launch in April. You can sign up for email alerts about this program here.
3) Grants for shuttered venue (live event) operators
An additional $1.25 billion in funding was added to benefit live event companies such as movie theaters, museums and performing arts organizations.
4) Employee retention credit extended all year
A tax credit intended to help companies retain employees has been extended to Dec. 31, 2021. The credit has also been expanded to some startups
As an advocate who believes in your business, we’re sharing resources and guidance that could help you out right now. Because we know you want to do everything you can to save money, we’re also here for you with free quotes that could lower your rates on business insurance (or even improve your coverage). Ask a licensed Mylo agent to review your current policy and try to beat it.
Up-to-date guidance for business owners in one place.
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