Boston Metro entertainment venues, restaurants and other small businesses affected by the pandemic may find help in the latest Federal stimulus package, known as the American Rescue Plan Act of 2021. With the signing of H.R. 1319, billions of dollars of economic aid is available for small businesses. Here are the highlights!
The Paycheck Protection Program (PPP) received $7.25 billion, with expanded eligibility. Applicants with delinquent student loan debt are no longer barred from approval. But hurry – this round of PPP is only active through March 31, 2021. Click here to find participating lenders through the Small Business Administration.
$28.6 billion has been earmarked for the Restaurant Revitalization Fund, which will be managed by the SBA. Restaurant Revitalization Fund assistance is available for more than just restaurants: food stands, food trucks, food carts, caterers, taverns and wine-tasting rooms are eligible. Applications are not yet being taken, but the SBA plans to be ready for them in a few weeks. Watch SBA.gov for updates.
An additional $15 billion has been set aside for Targeted Economic Injury Disaster Loan Advance (EIDL) payments. This includes $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit. The SBA will proactively reach out to eligible candidates.
Also new is the Community Navigator Pilot Program. SBA Grants will go to eligible organizations supporting efforts to improve access to pandemic assistance programs and resources. This is hoped to localize assistance and improve outreach.
As always, please check with your professional CPA if you have questions!
When you are ready to begin, relocate or expand your business, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying, leasing, or investing in Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for commercial real estate guidance!