New $10 Billion Money For Federal Small Business Credit Initiative

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The American Rescue Plan of 2021 Has Added $10 Billion In New Funding To This Program

 

 

Straight from Inc magazine, the US Treasury department under the America Rescue Plan of 2021 is providing additional $10 billion in incentives to the state small business credit initiative. This program differs from the COVID Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) cash advance programs in that SBCI cannot be converted into grants. Also small business owners must apply direct to the state instead of the banks (in the case of PPP loans) and the federal government (in the case of EIDL).

Here’s the formal US Treasury announcement for more information.

State Small Business Credit Initiative Program Website for more information

 

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