COVID-19 Relief Bill Funds
A breakdown of funds applying to small businesses
Additional PPP Funding
It authorizes another $7.25 billion for the Paycheck Protection Program, which offers forgivable loans to small businesses and other organizations hurt by the pandemic. The loans will only be forgiven, however, if at least 60% of the money is used to support payroll expenses and the remainder goes to mortgage interest, rent, utilities, personal protective equipment or certain other business expenses.
State Government funding for small businesses
Through the State Small Business Credit Initiative, the legislation allocates $10 billion for state governments to help leverage private capital and make low-interest loans and other investments to help their small business economies recover.
Economic Injury Disaster Loan grants program
The legislation earmarks $15 billion to the Economic Injury Disaster Loan grants program to be given to small businesses in underserved areas, especially those that are minority-owned.
New restaurant relief grant
The American Rescue Plan includes nearly $29 billion to create a grant program that provides direct relief to restaurants.
Shuttered Venue Operators Grants program
Another $15 billion will be added to the Shuttered Venue Operators Grants program, created by the previous economic aid package. The grants are intended to help those who run museum, theater, concert and other venues that had to shut down due to Covid restrictions. The bill also allows such operators to apply for PPP loans in addition to these grants.
Small Business Administration funding
To help the SBA administer all the new programs that have fallen under its purview as a result of the pandemic, the bill allocates another $1.325 billion to its budget.
Paycheck Protection Program
What you can spend your money on
The Paycheck Protection Program is a valuable resource for businesses to keep employees on-board and maintain a steady cashflow to your workers. It can allow for funding that doesn't need to be repaid if handled correctly, and the funds from this program can be spent in the following ways.
Business Mortage Interest Payments
Business Rent or Lease Payments
Business Utility Payments
Covered Operations Expenditures
Covered Property Damage Costs
Covered Supplier Costs
Covered Worker Protection Expenditures
Useful informational links
Information regarding COVID-19 relief from SBA.gov