Delaware’s congressional delegation and the Small Business Administration highlight expanded federal resources for small businesses through the American Rescue Plan Act.
The SBA and Delaware’s elected leaders in Washington met with various local chambers of commerce and business owners to focus on newly available pandemic relief.
Sen. Chris Coons says there are more emergency grants, lending and investments for small businesses and nonprofits in the American Rescue Plan Act.
Coons adds there are two programs that he fought for that will help small businesses and restaurants.
"[One is] a revival of the state small business credit initiative or the SSPCI. There's $10 billion in the American Rescue Plan for this. I was an original co-sponsor of the bill and it's something that back in the '08-'09 crisis an identical program Delaware used successfully to lend to 110 businesses," said Coons. "There's also a specific program in the American Rescue Plan called the Restaurants Act, there's $25 billion in there."
Coons adds the Paycheck Protection Program was also refined.
"So that there are some newly eligible businesses maybe brand new businesses that weren't eligible for the initial PPP." Coons said. "We're trying to focus on very small and very hard hit businesses in particular minority owned businesses and this additional expanded program for restaurants."
SBA also points out that its Shuttered Venue Operating Grant is ready to launch April 8 for theaters and live performance venues.
