American Rescue Plan will have impact on many in central Virginia
CHARLOTTESVILLE, Va. (WVIR) - The impacts of the American Rescue Plan will soon be hitting wallets and bank accounts across central Virginia.
In Charlottesville, and all throughout central Virginia, this COVID-19 relief plan will have a huge impact on families struggling as the pandemic continues. It could also help businesses gain back some of their losses.
“What was kind of the headline was the $1,400 recovery rebate checks that will go out here starting pretty soon,” partner at Hantzmon Wiebel Chris Brubaker said.
He says another round of stimulus checks will be sent out soon.
“It’s an advanced credit on people’s 2021 taxes,” he said. “It’s going to not be as widespread as the earlier two payments because the income limit is $75,000 for for a single person or $150,000 for married couples.”
As part of this almost two trillion dollar plan, a huge chunk will be set aside as part of the Restaurant Revitalization Program.
“It’s up to $5 million for a single location up to $10 million for those that have multiple locations, and it’s also available to folks that have franchises,” Director of the Central Virginia Small Business Development Center Rebecca Haydock said.
She says $25 billion dollars will go to restaurants and another $5 billion will go to small businesses.
“This is an important bill to help businesses get the cash that they need to continue their business operations, or at least keep folks paid so they can get their employees back to work as soon as possible,” Haydock said.
Haydock and Brubaker say more information on all the details will be coming in the next few weeks, but overall, this bill can be life saving.
“The provisions of this bill are really more targeted toward businesses that have suffered significant economic damages and so the goal is to really help out those businesses,” Brubaker said.
“We’re talking about 10′s of thousands of dollars if not more, depending on the size of the business so it’s our sincere hope that it will help businesses that want to open again be able to do that,” Haydock said.
Copyright 2021 WVIR. All rights reserved.