The American Rescue Plan, which was signed into law in early March, includes important provisions that all worker cooperatives and small businesses should know about. Through the advocacy of the U.S. Federation of Worker Cooperatives as well as partners like NCBA CLUSA, it is clear that Congress and the Biden-Harris Administration understands the importance of ensuring cooperatives have the same access to tools for economic recovery as all other small businesses across the country.
Make sure your co-op understands the benefits it can access through the American Rescue Plan and COVID-19 relief, including:
- The Paycheck Protection Program, which ends on March 31. Reach out to your lenders as soon as possible to take advantage of this program.
- The State Small Business Credit Initiative, which has been renewed to appropriate $10 billion to help states and tribal governments leverage up to $100 billion in low-cost financing and technical assistance. This program is meant to spur private sector financing by sharing the risk of repayment with lenders and investors—primarily community banks, community development financial institutions (CDFIs), and local investors.
- The COVID-19 relief bill includes $5 billion in aid for farmers of color who have long faced discrimination by federal officials
- The American Rescue Plan: Learn about its historic investments, and where co-ops fit in from NCBA CLUSA
- What U.S. co-ops should know about the American Rescue Plan Act from NCBA CLUSA
- Coronavirus (COVID-19): Small Business Guidance & Loan Resources | Small Business Administration