The New Federal Stimulus – what Does it Mean for Your Business?

Smart businesses have accessed governmental and nongovernmental resources to fit their needs during the pandemic. Those resources continue to change, and some dollars are specifically targeted to industry types that have been disproportionately impacted by COVID.
The following is a version of a National Main Street outreach that has been slightly augmented to meet local needs. The bullet points below cover the basics of the recent stimulus bill’s impacts.
Several provisions of this package have the potential to support both our communities and the specific local economic development work of Main Street programs. 
The package includes:

• Small Business Support: The package allocates an additional $7.25 billion to the Paycheck Protection Program (PPP) and restores the State Small Business Credit Initiative (SSBCI), which will deliver $10 billion in flexible, affordable capital to small businesses. In addition, the package includes a new, $28.6 billion program to support independent bars and restaurants. CLICK HERE for specific Bar and Restaurant Grant information. 
• State and Local Funding: The package includes $350 billion of state and local funding. This funding can be utilized by states and cities to cover costs or replace revenue due to the pandemic. Broadly, this will help many communities that have suffered budget shortfalls.
• Community Navigator Program: Established through the Small Business Administration (SBA), this $100 million program will provide funding to entities that are assisting small businesses in accessing SBA programs, including private non-profits and local governments. 
• Economic Development Administration (EDA) funding: The package provides $3 billion in additional funding to the EDA through the Economic Adjustment Assistance program. This is flexible funding, and all non-profit entities and local governments are eligible. 

We know that people are getting vaccinated and cases are lower than they have been in a while. That doesn’t mean that we are out of the woods yet. New variants are out there. It may take some time to convert health regulations to something that resembles pre-pandemic. When things get more back to normal, we anticipate a lag time for some of the consuming public before they resume previous community habits. Be proactive in the procurement of resources you need for your business.
If you have questions concerning business support mechanisms, or you simply need to talk through “next steps”, please contact Emporia Main Street. We are here to help!