American Rescue Plan

The American Rescue Plan Act of 2021 provides several funding opportunities to help restaurants, small businesses, schools and individuals that continue to struggle due to the pandemic. NAFEM has provided details. The key points are summarized below.

• The Restaurant Revitalization Fund was allocated $28.6 billion to assist the food and beverage industry with losses and continued pandemic-related issues. Of the total, $5 billion has been set aside for business with gross receipts of $500,000 of less. While most applications will be considered on a first-come, first-served basis, the Small Business Administration (SBA) has been directed to give priority to entities owned or controlled by women, veterans, and socially and economically disadvantaged small businesses.
• Venues, small businesses and nonprofits may qualify for an addition $1.25 billion in grants added to December’s Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act.
• Schools may qualify for $122.8 billion in funding to support services to homeless youth and to develop publicly available plans for safe return and re-opening strategies.
• An additional $7.25 billion has been added to the Paycheck Protection Program (PPP).
• Unemployment benefits have been extended to September 6.