Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s cabinet, issued the following statement to highlight the economic impact of President Joe Biden’s American Rescue Plan(ARP):
“The SBA was transformational for small businesses, providing over $450 billion in critical recovery funding to more than 6 million entrepreneurs, helping them survive, reopen, and once again thrive even in the face of deep challenges. As I’ve traveled the country over the past year, I have heard firsthand the inspiring stories of resilience and recovery from hundreds of business owners and entrepreneurs who have directly benefitted from the Restaurant Revitalization Fund, the Paycheck Protection Program, COVID Economic Injury Disaster Loans, and Shuttered Venue Operators Grants, and who credit those programs for saving their businesses.
“Thanks to the American Rescue Plan, Americans have returned to work at an unprecedentedly fast pace, and our economy is growing at the fastest rate in almost 40 years. This recovery has spurred a surge in entrepreneurship, and Americans are applying to start new businesses at a record rate, up about 30 percent compared to before the pandemic. And as our economy grows, the Biden-Harris Administration is working to make sure we have a level playing field so that all of our small business owners can create products and services we depend on and compete locally, nationally, and globally. And we are doing this by reaching businesses where they are, thanks in part to the SBA’s ARP-funded Community Navigator Pilot Program, designed to connect underserved small businesses with government programs and resources to help them start and grow.
“There’s more to be done, and the Biden-Harris Administration is working to strengthen supply chains and open more doors of opportunity so small businesses can continue to serve their customers and keep creating good-paying jobs. There are more opportunities for small businesses on the horizon thanks to President Biden’s Infrastructure Investment and Jobs Act and Made in America priorities, and the SBA and our local partners will continue to work to make sure our smallest businesses benefit from those prospects and continue to drive our economic growth.
“Small businesses are and always have been at the center of the American story, and the Biden-Harris Administration will continue to place them at the center of our economic agenda. As we do so, the SBA stands ready to provide the capital, market connections, and knowledge networks those businesses need to start, grow, and be resilient now and for generations to come.”
The U.S. Small Business Administration helps power the American dream of business ownership. 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, 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.