Pandemic economic stimulation: legislative and regulatory developments as of April 30, 2021 – Coronavirus (COVID-19)

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United States: Economic stimulation in the event of a pandemic: legislative and regulatory developments as of April 30, 2021

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April 30, 2021 – This week, the Small Business Administration reopened the closed site operators grant program. He also announced that he will open the Restaurant Revitalization Fund on May 3. No legislative stimulus proposal was presented this week.

Regulatory developments relating to the pandemic

SBA opens restaurant revitalization fund

On April 27, the Small Business Administration announced that it would begin accepting applications for the Restaurant Revitalization Fund (RRF) on May 3 and open registration for the program on April 30. are exhausted. The $ 28.6 billion RRF was established by the American Rescue Plan Act of 2021 to provide funds to qualifying restaurants, bars and other businesses that have suffered a significant loss of revenue due to the pandemic. The program will provide funding to recipients equal to their lost revenue from the pandemic of up to $ 10 million per business and no more than $ 5 million per physical location. Recipients are not required to repay funding as long as funds are used for eligible expenses by March 11, 2023.

SBA to reopen closed site operator subsidy program

On April 24, the Small Business Administration reopened the Shuttered Venue Operators Grant (SVOG) application portal. The program provides economic assistance to eligible venue promoters and operators, performing arts organizations, museums, cinemas, theater producers and talent representatives. SBA closed the portal to resolve technical issues after it initially opened on April 8.

Legislative proposals for fiscal stimulus

No legislative stimulus proposal was presented this week.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought on your particular situation.

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