What’s in the $1.9 trillion rescue plan for small businesses

The $1.9 trillion American Rescue Plan Act that President Joe Biden signed into law on Thursday contains a number of provisions intended to help small businesses, especially restaurants.

It authorizes another $7.25 billion for the Paycheck Protection Program, which offers forgivable loans to small businesses and other organizations hurt by the pandemic. The loans will only be forgiven, however, if at least 60% of the money is used to support payroll expenses and the remainder goes to mortgage interest, rent, utilities, personal protective equipment or certain other business expenses.

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