Nearly half the U.S. population has been vaccinated and states continue to drop pandemic-related restrictions, but small businesses are still struggling to recoup losses from the past year.
The U.S. Small Business Administration says it has billions in aid still available but is having trouble attracting business owners who want it.
SBA has only dispersed $1.5 billion of the $30 billion available for a COVID-19 aid program meant for small businesses in low-income areas. Later, the program will be opened to businesses outside the predetermined geographic regions, said Herbert Austin, district director of the Dallas-Fort Worth SBA office.
President Joe Biden’s American Rescue Plan Act, signed in March, included additional aid for the nation’s more than 30 million small businesses. Part of the package was $15 billion in additional funding for Targeted Economic Injury Disaster Loan Advance payments, including $5 billion for Supplemental Targeted EIDL Advance payments.