EDA Announces American Rescue Plan Programs
U.S. Secretary of Commerce Gina M. Raimondo announced that the Department of Commerce's Economic Development Administration (EDA) will implement a series of programs, collectively called Investing in America's Communities, to equitably invest the $3 billion it received from President Biden's American Rescue Plan Act to help communities across the country build back better.
Legislators and Governors Battle Over Who Spends the Rescue Act Money
Most news reports about the $350 billion of American Rescue Plan Act money that is going to states and localities focus on the question of how to spend the money. But while that's a vital question, there's another pivotal area of debate: Who is going to spend the money? In a growing number of states, the legislatures and the governors have been at odds over who has the authority to make those critical decisions.
The SBA's PPP and RRF Are Done. Here Are 5 Other Grant Programs for Small Businesses.
The Small Business Administration officially closed its Paycheck Protection Program (PPP) to new loan applications at the end of May, and subsequently closed its Restaurant Revitalization Fund (RRF) grant program in early July, leaving small business owners with dwindling options for relief. But there are still some grant programs across the government that are still open, providing avenues for critical dollars for eligible small businesses.
From Relief to Recovery: What to Know
As the nation recovers from the pandemic, the strategic lens for small business support will shift from averting destruction to making strategic investments in entrepreneurship ecosystems and small business growth strategies. Those longer-term investments typically try to address one of three broader economic objectives: growing jobs, addressing racial disparities in asset ownership, and investing in underserved neighborhoods and commercial corridors.
New Data Shows a Small Fraction of Restaurant Revitalization Fund Recipients Ended Up with Chunk of Money
The SBA released data on who was able to receive money from the $28.6 billion Restaurant Revitalization Fund, and how much they got. Key findings include: just five percent of awardees received 40 percent of the Restaurant Revitalization Fund; one in 10 recipients were part of a franchise; and more than two out of three RRF recipients identified as businesses owned by women, veterans, or people of color.
How Governments Can Leverage Federal Funds to Partner With Local Nonprofits
The American Rescue Plan allows states and localities to funnel federal relief dollars to nonprofit organizations, which the National Council of Nonprofits says could be key to local economic recovery. State and local governments can use federal coronavirus relief funds to partner with nonprofit organizations in their communities, aiding local recovery efforts by expanding existing programs or creating new ones.
How COVID-Fueled Crowdfunding Can Revive Small Businesses
A pandemic-fueled boom in crowdfunding has small businesses flocking to capital-raising platforms that experts say could help many companies get back to normal — as long as small-business owners are able to launch effective campaigns.
Regulation crowdfunding, in which companies raise capital from investors via government-monitored online platforms, has mushroomed in the last two years, going from approximately $100 million in 2019 to over $200 million in 2020.
Treasury Highlights Ways State and Local ARP Resources Can Help Communities Address Violent Crime
The U.S. Department of the Treasury today provided states and localities with additional guidance on how the State and Local Fiscal Recovery Funds included in the American Rescue Plan Act can be used to reduce and respond to violent crime – particularly gun violence – by investing in community policing, community violence interruption, and other programs that are proven to reduce crime.