SBA Says American Rescue Plan Has Given $450 Billion to Small Business

In an announcement on the 1st year anniversary of the American Rescue Plan (ARP) which is the President’s plan to stop COVID-19 from spreading and save the economy as well as the Small Business Association (SBA) stated that the plan provided small businesses with $450 billion.

SBA Says American Rescue Plan Has Given $450 Billion to Small Business

In celebration of the anniversary of one year, SBA Administrator Isabella Casillas Guzman released an announcement about how the ARP has been crucial to the survival of small businesses.

“The SBA was a game-changer for small-scale enterprises by providing over $450 billion in crucial rehabilitation funds to over 6 million owners of businesses and assisting businesses to thrive or re-open through the midst of challenges and obstacles.”

Small-scale businesses are aided in navigating Challenging Times

The SBA Administrator continued to discuss how the various programs offered by the American Rescue Plan have helped entrepreneurs and small-sized businesses get through these tough times.

The various programs, many of which target specific industries, are those for the Restaurant Revitalization Fund, The Paycheck Protection Program, COVID Economic Injury Disaster Loans as well as the Shuttered Venue Operators grantsCasillas Guzman points out how many small companies have credited the various programs with helping them save money for their businesses.

The SBA Administrator said that through the ARP, the citizens of America are able to get back to working at an “unprecedentedly rapid pace.”

Record-breaking Rates of New Business

Entrepreneurs are applying to establish new ventures at an unprecedented number, 30 percent higher than before the pandemic Casillas Guzman claimed that the efforts to heal have resulted in an increase in the number of entrepreneurs.

The SBA said that despite all the effort, gains and achievements but there is much more to be done. The Biden-Harris Administration has been “working to improve supply chains and create more opportunities so that small businesses are able to provide their customers with a superior service and create jobs that pay well.”

There are more opportunities on the horizon

In the one-year anniversary report of the anniversary celebrations of the ARP, Casillas Guzman said that there are many opportunities for small-sized companies in the near future as a result of being able to benefit from the Infrastructure Investment and Jobs Act, Made in American priorities along with the SBA and its local partners who continue to help ensure that even the most marginal companies in the US can benefit from these opportunities.

For entrepreneurs and small-sized businesses in the US, it is crucial that they are informed and kept up-to-date on the opportunities that are offered by the SBA to ensure they can be best prepared to expand and achieve success.