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Corona VirusNoth AmericaUnited States of America (USA)

COVID-19: US to invest $60bn in small businesses

By Oluwaseun Sonde

The United States Government has announced a relief package under its American Rescue Plan, while investing over $60 billion to help small businesses keep up and emerge stronger from the COVID-19 pandemic.
American President, Joe Biden who made this announcement on his official social platform on Tuesday, said last year has been tough for small businesses across the country, but with the American Rescue Plan, help is here.

According to him, “Across the country, millions of small businesses are struggling to keep their doors open. Here’s a breakdown of how the American Rescue Plan will help. “The American Rescue Plan allocates $15 billion in flexible grants to help the smallest, most severely impacted businesses persevere through the pandemic.

“The bill provides $28 billion for a new grant program to support hard-hit small restaurants and other food and drinking establishments”, President Biden added. Moreso, the administration going to bolster the Paycheck Protection Program with an additional $7.25 billion in funding to support small businesses and non-profits that were previously excluded.

“Investing $10 billion in successful state, local, and tribal small business financing programs to help small businesses innovate, create and maintain jobs, and provide the essential goods and services that communities depend on”, he said.

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