Small Biz & The First 100 Days of Biden
Small Business Rescue Plan
While specific details of President Biden’s plan have yet to be released, his "American Rescue Plan," a new $1.9 trillion Covid-19 relief bill, includes $440 billion for communities and small businesses. In particular, Biden would create a $15 billion grant program to help more than a million of the hardest-hit businesses, as well as a plan to leverage $35 billion in government assistance into $175 billion in small business lending and investment. Read more about how his plan would affect small businesses here.
Status of evictions under a new President
Recognizing the ravages of evictions, President-elect Joe Biden has called on Congress to provide another $30 billion in rental assistance, on top of the $25 billion set aside in the December 2020 stimulus package. He has also requested an unspecified amount of money for legal aid and an extension of the moratorium, which was imposed by the Centers for Disease Control and Prevention, through Sept. 30. Read more about evictions and the impact of a moratorium here.
Minority Biz Owners under a new Admin
Forbes Magazine reported that research conducted by the Federal Reserve Bank of New York and Stanford shows that minority-owned small businesses were disproportionately impacted by COVID-19 and were less likely to receive access to the Payment Protection Program (PPP) and other government relief loan programs. Policies under the Bided-Harris administration are expected to design around CDFIs and Minority Depository Institutions (MDIs), given these institutions have a track record of lending over 60% of their loan book to minority-owned businesses.