03-29-21 | Economic News

Industry Associations Approve Latest Stimulus Bill

PPP Funds Increased by $7.25 Billion

The American Rescue Plan Act provides relief for small business through increasing the funds of the Paycheck Protection Program by $7.25 billion, providing state and local governments $350 billion, and other funding measures.

In mid-March, the President of the United States signed a $1.9 trillion stimulus bill called the American Rescue Plan Act. The National Association of Home Builders (NAHB) and the Association of Zoos and Aquariums (AZA) commented on the approved legislation. Dan Ashe, president and CEO of AZA, communicated that he, on behalf of the organization, is pleased with the bill and specifically sited $30 million for care of endanger species, $7.25 billion to Paycheck Protection Program, and $350 billion to state and local movements as components of the bill that are beneficial to the association.

NAHB officials recognized the necessity of the bill and the relief it provides to under and unemployed individuals along with struggling small business around the country. The associations press release explained their perspective of the stimulus package in saying, "While NAHB recognizes that this bill is far from perfect, an economic stimulus package is desperately needed, and this legislation contains important provisions for the housing community."

The association highlighted the key provisions as:

- Additional recovery rebates up to $1,400 per taxpayer
- Child Tax Credit expansion
- Paid medical and sick level credits
- Employee Retention Tax Credit
- Additional aid for small businesses
- $27.5 billion for emergency rental aid
- Extension of unemployment benefits
- Homeowner assistance efforts
- Homelessness assistance funding
- $350 billion in state and local pandemic relief


Sign up for
LAWeekly newsletter. Get exclusive content today.