Congress Approves COVID-19 Relief in American Rescue Plan Act
President Joe Biden signed a new COVID-19 relief package, the American Rescue Plan Act (ARPA), into law on Thursday, March 11, 2021.
The ARPA includes funding for a variety of programs, including:
- Expanded eligibility for the Small Business Administration (SBA) Paycheck Protection Program (PPP) plus additional PPP funding
- $28.6 billion for a restaurant revitalization fund, including a specific $5 billion allocation for firms with fewer than 10 workers and those with less than $500,000 in 2019 revenue
- $15 billion for the Emergency Injury Disaster Loan (EIDL) program, which provides long-term, low-interest loans through the SBA as well as $1.25 billion to fund shuttered venue operator grants
- Funding for 100% of COBRA insurance premiums for employees who lost their jobs because of the COVID-19 pandemic, and for their covered family members, through September – enabling them to stay on their previous company-sponsored health plan
- $1,400 payments to individuals earning up to $75,000 per year (or couples earning up to $150,000); some individuals and couples who received a prior stimulus check are not eligible for assistance under the ARPA
- A $300 weekly unemployment supplement through September 6, 2021
- $14 billion for COVID-19 vaccine distribution
For more information on the American Rescue Plan Act, link here to The Washington Post.