Statement by SBA Administrator Guzman on Anniversary of American Rescue Plan
Three Years Since President Biden Signed American Rescue Plan, Small Businesses are Booming and the Economy is Strong
WASHINGTON, March 11, 2024 (GLOBE NEWSWIRE) -- Today, *Administrator Isabel Casillas Guzman*, head of the *U.S. Small Business Administration (SBA)* and voice in President Biden’s Cabinet for America’s more than 33 million small businesses, issued the following statement on the anniversary of President Joe Biden’s American Rescue Plan:
“Three years ago, President Biden signed the American Rescue Plan which catalyzed our nation’s unprecedented economic recovery – the strongest of any of the world’s major economies. Since then, the United States has enjoyed a historic Small Business Boom with a record 16.5 million new business applications, including 5.5 million in 2023 alone.
“None of this tremendous growth would have been possible without the American Rescue Plan and the critical role it played in not only saving but strengthening Main Streets across America. This law added billions of dollars to critical pandemic relief programs, such as the COVID Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection (PPP) program, which offered small businesses affordable or forgivable loans to keep employees on payroll and position businesses for success. It also helped theaters, restaurants, and other hard-hit businesses keep their doors open and the lights on through the Restaurant Revitalization Fund and Shuttered Venue Operators Grant. It established the successful Community Navigator pilot program which empowered the SBA to expand its entrepreneurial networks by one-third, working closely with nonprofits, state and local governments, universities, and tribal entities to deliver trusted, culturally competent support to underserved communities using a hub and spoke model.
“The American Rescue Plan is foundational to the Biden-Harris Administration’s Investing in America agenda, and small businesses are at the heart of the country’s unmatched recovery – historically creating two-thirds of net new jobs and over 40% of our nation’s economic output. As we reflect on the three years since its signing, the SBA will continue its work under this Administration to deliver for the more than 33 million small businesses that are the backbone of local communities and engines of America’s economy.”
For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov.
###*About the U.S. Small Business Administration*
he U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
CONTACT: Rebecca.Galanti@sba.gov
U.S. Small Business Administration
press_office@sba.gov