American Rescue Plan Act: Key Points for Businesses

DOWNERS GROVE, ILLINOIS (March 15, 2021) – The $1.9 trillion American Rescue Plan Act has beeen signed into law. Here are four key parts of the law:

• Additional $7 billion approved for Paycheck Protection Program (PPP) funding, but program is not extended beyond March 31, 2021.
• Does not raise the federal minimum wage, which the House bill would have increased to $15 per hour.
• An additional $15 billion for the Economic Injury Disaster Loan (EIDL) program through the Small Business Administration (SBA).
• Expands the employee retention credit through the end of 2021; allows eligible employers to claim a credit for paying qualified wages to employees.