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

Additional information on the PPP, EIDL, and shuttered operator venue grants is available on the SBA website. Interested employers can also search for a lender match on the site.

For more information on the American Rescue Plan Act, link here to The Washington Post.