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Todd J. Tranum
President and CEO of the Chautauqua County Chamber of Commerce & Executive Director of the Manufacturers Association of the
Small businesses are in line for additional assistance under the new American Rescue Plan Act approved this past week and signed by President Biden. The measure contains an additional $7.25 billion for the Paycheck Protection Program, which offers forgivable loans to small businesses that have suffered economically during the pandemic. The measure also allows more nonprofits to apply.
Restaurants, which have been especially hard hit during the pandemic, will receive some direct relief to the tune of $29 billion under the new law. Restaurants and other “food and drinking establishments” can apply for grants of up to $5 million per physical location, with a maximum of 20 locations. Eligibility will be determined by subtracting 2020 sales from 2019 revenue. The grants will be channeled through the Small Business Administration.