The American Recovery Act Has Provided $450 Billion to Small Businesses

The Small Business Association (SBA) claimed in a statement on the first anniversary of President Biden's strategy to limit COVID-19 and save the economy, the American Rescue Plan (ARP), that the plan had contributed $450 billion to small businesses.

To commemorate the one-year milestone, SBA Administrator Isabella Casillas Guzman issued a statement emphasizing how important the ARP has been for small company survival.

"The SBA was revolutionary for small companies, giving more than $450 billion in vital recovery funding to more than 6 million entrepreneurs, enabling them to survive, reopen, and prosper even in the face of severe adversity."

Assisting Small Businesses in Navigating Difficult Times

The SBA Administrator went on to say how the American Rescue Plan's many initiatives have assisted small businesses and entrepreneurs through these difficult times.

The House passed a $55 billion plan on Thursday that would help restaurants and other small businesses that have suffering as a result of the Covid epidemic.

The bill was adopted by lawmakers by a vote of 223-203, with only a few Republicans voting in favor. A sizable portion of the bill, $42 billion, will be used to refill the Restaurant Revitalization Fund, a grant program established as part of the American Rescue Plan, which President Joe Biden signed into law in 2021.

The Restaurant Revitalization Fund, the Paycheck Protection Program, COVID Economic Injury Disaster Loans, and Shuttered Venue Operators Grants are among the several initiatives, some of which are directed at specific sectors. Casillas Guzman observes that many small firms attribute their success to the various initiatives.

The SBA Administrator noted that the ARP has allowed Americans to return to work at a "unprecedentedly quick speed."

New Business at an All-Time High

Casillas Guzman said the recovery efforts have generated a boom in entrepreneurship, with entrepreneurs applying to start new enterprises at a record pace that is currently 30 percent higher than before the epidemic.

Despite the efforts, achievements, and victories, the SBA indicated that there is still much more to be done, and the Biden-Harris Administration is "working to improve supply chains and open more doors of opportunity so small companies can continue to service their customers and create good-paying jobs."

More Prospects on the Horizon

Casillas Guzman stated in the ARP's one-year anniversary statement that there are more opportunities for small businesses on the horizon, with the Infrastructure Investment and Jobs Act, Made in America priorities, as well as the SBA and its local partners continuing to work to ensure that the smallest businesses in the US benefit from such opportunities.

Small companies and entrepreneurs in the United States must be educated and up to date on the possibilities available through the SBA in order to be best equipped for development and success.