Congress Passes $1.9 Trillion ARPA Coronavirus Relief Bill
On March 10, 2021, the U.S. Congress passed the $1.9 Trillion Coronavirus Relief Bill, also known as the American Rescue Plan Act (ARPA); the bill was signed into law by President Biden on March 11. The broad range of relief provided by the bill is directed to: individuals, including a new round of direct stimulus payments and extended unemployment benefits; federal, state and local government; and businesses. Assistance for businesses includes:
$7.25 billion for the Paycheck Protection Program
$15 billion for the SBA’s Emergency Injury Disaster Loan program; severely impacted small businesses with fewer than 10 workers will be given priority for some of the funds
$25 billion for small and mid-sized restaurants
$1.25 billion for the SBA’s Shuttered Venue Operators grant program
$175 million to create the Community Navigator Program to increase awareness of COVID-19 relief programs for business owners currently lacking access
Overall, Hawaii will benefit from at least $6.1 billion in estimated funding. For a detailed breakdown of ARPA funding, see Hawaii Senator Brian Schatz’s news release.