Nearly one year ago, President Joe Biden muscled his landmark pandemic stimulus legislation through a Senate with a razor-thin Democratic majority, despite unanimous Republican opposition. The American Rescue Plan Act revitalized the economy and delivered billions of dollars to struggling small businesses, a new report from the nonprofit Invest in America details.
“Today, many small businesses have been able to stay afloat due in part to the aid delivered through the ARP,” Awesta Sarkash, government affairs director of the nonprofit Small Business Majority, said in a statement provided to the American Independent Foundation. “These targeted programs bolstered small businesses during difficult times and provided them with the funding they needed to persevere.”
The American Rescue Plan, which became law in March 2021 and allocated $1.9 trillion in federal funding for stimulus checks, unemployment payments, child tax credits, local emergency funding, and more, came at a pivotal time for small businesses, advocates said.
The American Rescue Plan also came with critical programs for small business owners like the Paycheck Protection Program, the Restaurant Revitalization Fund, and the Shuttered Venue Operators Grant.