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The coronavirus pandemic has affected the children’s activity business in many ways. Some educators have pivoted to online while others are slowly returning to in-person classes. Regardless of how your business has adapted, hope is on the horizon with vaccines and a new federal relief bill. Read on to see how your business can benefit from the American Rescue Plan and where to find resources to read about the plan in its entirety.
On March 10, 2021, the House passed the American Rescue Plan, a $1.9 trillion coronavirus relief bill that provides relief to individuals and businesses impacted by the pandemic. The plan allocates funds for schools, vaccines, businesses, and programs aimed at reducing poverty.
The bill allocates significant funds towards education. Let’s break it down!
The American Rescue Plan provides
- $121.975 billion for the Elementary and Secondary School Emergency Relief Fund (ESSER) III. This will be broken up between Local and State Education Agencies.
- $30.35 billion for afterschool and summer learning programs across the United States.
- $3 billion for states to provide services under the Individuals with Disabilities Education Act
- $2.75 million for non-public schools
Funding to Local Education Agencies (LEAs)
- $21.9 billion for learning recovery, including afterschool, summer, and expanded learning programs
Funding to State Education Agencies (SEAs)
- $1.22 billion set-aside for summer enrichment
- $1.22 billion set-aside for afterschool programs
- $6.1 billion for learning recovery, including afterschool, summer, and expanded learning
To find your state contacts, you can consult the Department of Education.
After the legislation is signed into law, these funds will be implemented by the Department of Education, other agencies, and by SEAs at the state level.
What does this mean for my business?
There might be opportunities to apply for funding through state and local agencies. Keep an eye on this article — we’ll be updating it with information as it becomes available. You can also see what other funding programs are available in the American Rescue Act here.
Are you looking for funding to cover the cost of keeping your employees?
Read more about updates to the Paycheck Protection Program, which has applications open until March 31, 2021.
Are you worried about making existing payments on an SBA loan or adding additional debt?
Read more about the Small Business Debt Relief Program.
Am I eligible for a stimulus check?
If you pay US taxes, you might be eligible for a stimulus check. You can read more about that here.