- $350 billion for states and local governments.
- $14 billion for vaccine distribution.
- $130 billion for elementary, middle, and high schools to assist with reopening.
- $300 per week jobless benefits through September.
- $1,400 stimulus checks capped at individuals making less than $80,000 per year and households earning $160,000 per year.
- Payments of up to $3,600 per child.
Beyond these major provisions, the American Rescue Plan includes a number of provisions meant to directly support the business community and places a particular focus on assistance to the hard-hit hospitality and tourism industries. Specifically, the Plan:
- Extends the Employee Retention Credit established in the CARES Act until December 31, 2021 and expands eligibility to new startups that were established after February 15, 2020 and companies whose revenue dropped 90% compared to the same year last year.
- Provides an additional $7.25 billion for the Paycheck Protection Program (though the deadline remains March 31st to apply) and expands eligibility to cover additional categories of non-profit organizations, such as labor groups, social clubs, fraternal benefit societies, and religious groups that are generally banned from SBA rules.
- Provides $15 billion for Economic Injury Disaster Loan (EIDL) Advance Grants. The Targeted AIDL Advance program will be available to businesses and non-profit organizations that previously applied for the original EIDL Advance program in the form of $10,000 grants. The federal Small Business Administration will contact qualifying individuals/businesses directly with instructions on how to apply.
- Establishes a Restaurant Revitalization Fund, a grant program to be administered by the federal Small Business Administration. The restaurant industry will receive $25 billion in relief targeted at small and midsize restaurants and chains in the form of grants that do not need to be repaid if the restaurants use them for operating expenses, including payroll, rent and providing personal protective equipment to employees. The grants will be available to bars, restaurants, and caterers and will be equal to the difference between a business's gross receipts pre-pandemic--that is, in 2019--and gross receipts last year. If the business has fewer than 20 locations, it can get a grant of up to $5 million per location, up to $10 million in total.
- Provides $1.25 billion for shuttered venue operators in the form of grants that are available to movie theaters, museums, performance venues, and other institutions whose principal business activity is live events. This grant program will also be administered by the federal Small Business Administration.
- Provides $135 million in funding for grant programs through the National Endowment for the Arts. These grant programs will be administered through affiliated state arts agencies.
- Provides $135 million in funding for grant programs through the National Endowment for the Humanities. These grant programs will be administered through affiliated state agencies.
- Provides $10 billion to reauthorize the State Small Business Credit Initiative to provide support to ensure business enterprises owned and controlled by socially and economically disadvantaged individuals have access to credit, investments, and technical assistance. In Alabama, this program is administered through the Alabama Department of Economic and Community Affairs (ADECA).
The Chamber will provide continuous updates regarding these programs on its website, which you can access by clicking here. If you have a specific question about one of these programs or other provisions within the American Rescue Plan, you may contact the Chamber at 334-834-5200 and one of our team members would be happy to assist you.
