In a statement marking the first anniversary of the American Rescue Plan (ARP), the Small Business Association (SBA), said President Biden’s plan to contain COVID-19 and save the economy has donated $450 billion to small businesses. .
SBA says US bailout has given $450 billion to small businesses
To mark its one-year anniversary, SBA Administrator Isabella Casillas Guzman released a statement on how the ARP has been critical to the survival of small businesses.
“The SBA has been transformative for small businesses, providing more than $450 billion in critical recovery financing to more than 6 million entrepreneurs, helping them survive, reopen and thrive again even in the face of great challenges.”
Helping small businesses navigate challenging times
The SBA administrator further noted how the US bailout’s various programs have helped small businesses and entrepreneurs navigate these challenging times.
The various programs, some of which target specific sectors, include the Restaurant Revitalization Fund, the Paycheck Protection Program, COVID Economic Injury Disaster Loans and Shuttered Venue Operators Grants. Casillas Guzman notes how many small businesses view the various programs as saving their business.
The SBA administrator explained how the ARP has helped Americans get back to work at an “unprecedented pace.”
Record percentages of new contracts
With entrepreneurs signing up to start new businesses at a record pace, now 30% higher than before the pandemic, Casillas Guzman said the recovery efforts have sparked a wave of entrepreneurship.
The SBA stated that despite the efforts, gains and successes, more needs to be done and the Biden-Harris administration is “working to strengthen supply chains and open up more opportunities so that small businesses can continue to serve their customers and create good – paid jobs.”
More opportunities on the horizon
In the ARP’s one-year anniversary statement, Casillas Guzman said there are more opportunities for small businesses on the horizon, with the Infrastructure Investment and Jobs Act, Made in American priorities, alongside the SBA and its local partners continuing to work on to ensure that the smallest companies in the US take advantage of such prospects.
It is important for small businesses and entrepreneurs in the US to stay informed and aware of the opportunities available to them through the SBA so that they are best equipped for growth and success.
Image: DepositphotosMore in: Small Business Grants
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