NEW! What’s in the American Rescue Plan Act for small businesses?

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.

Fill out an application here. Then submit it to a Small Business Association (SBA) participating lender. Click here to find eligible lenders in your area.

  • 1% interest rate
  • Covers expenses for 8-24 weeks
  • Provides 2.5x your monthly payroll costs (up to $10 million)
  • Payments may be deferred for six months
  • Forgivable if certain conditions are met

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.)

  • Grants are equal to the difference between gross receipts in 2019 vs. 2020
  • Can be used for payroll, loan repayment, operating expenses & more
  • Prioritizes restaurants with less than $500,000 in revenue in 2019
  • Prioritizes women-owned restaurants

The SBA will begin allowing businesses to register on April 30. Applications will be accepted starting on May 3. The program will remain open until the funding is exhausted. 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.

  • Grants are equal to 45% of gross revenue in 2019 or $10 million (whichever is lower)
  • Grants can be used for specific expenses, including payroll, rent, mortgage, utilities, debt and insurance payments
  • Businesses can now apply for the venue grant and a PPP loan

Need more information? Sign up for updates here.

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

  • Refunds 70% of what is spent on wages, up to $7,000 per quarter per employee
  • Employers must meet certain conditions related to loss of operations or reduction in gross receipts

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.

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