March 16, 2021
Contact: Devin Howland
Director of Economic Vitality
City of Fayetteville Offers Guidance on American Rescue Plan for Businesses, Individuals
FAYETTEVILLE, Ark. — The American Rescue Plan, which was signed into law last week, includes several programs to assist individuals, families, and small businesses that have been impacted by the COVID-19 pandemic. To assist businesses and individuals in navigating these resources, the City of Fayetteville is compiling information about each of the new programs, as well as about assistance programs already in place, on the City’s website at http://www.fayetteville-ar.gov/covidbusiness. This information will be updated daily as additional program details become available.
In addition to Economic Stimulus Payments, which are already in distribution, the act offers Restaurant Revitalization Grants, more funding for Shuttered Venue Operators Grants, expanded Child Tax Credits, and a return of the Pandemic Unemployment Assistance Program, among other programs. Several of these programs have prioritization periods for women- and veteran-owned businesses and socially and economically disadvantaged businesses.
Among the new resources in the American Rescue Plan, the Restaurant Revitalization grant program will be open for application within the next few weeks. Eligible businesses must have been open as of February 15, 2020. The funds can be used for a wide range of operational expenses.
The Shuttered Venue Operators Grants program is slated to open in early April. This program was crafted for live venue operators, theatrical producers, museum operators and movie theaters that were in operation as of February 29, 2020.
Fayetteville businesses are reminded that the current Paycheck Protection Program will expire at the end of March. “While I’m optimistic that Congress will extend this program, I want to encourage any business thinking about a first or second draw for the Paycheck Protection Program to do so as soon as possible” said Devin Howland, director of Economic Vitality for the City of Fayetteville. “New applications need to be submitted to your lender no later than March 22, 2021.”
Additional information and guidance regarding these programs, as well as a robust network of additional resources for businesses and individuals affected by the pandemic, is available online at www.fayetteville-ar.gov/covidbusiness. These pages are updated as additional information becomes available.