Today, President Biden signed the American Rescue Plan Act, a $1.9 trillion stimulus bill intended to address the continued negative public health and economic impacts of the COVID-19 pandemic.  Many provisions within this legislation aim to assist small businesses and individuals across the country, some of which may benefit eBay sellers and the businesses they operate. The text of the bill can be found here, with full summaries of specific policies here. 

Relevant package details include:

Small Business and Tax Provisions

• $15 billion in new funding for Economic Injury Disaster Loan (EIDL) grants targeted to underserved small businesses. 
• $10 billion for the State Small Business Credit Initiative, which provides resources for state governments to set up programs that can leverage private capital for low-interest loans and other investment to help small businesses and entrepreneurs.
• Extends the paid sick and FMLA leave tax credits created in the Families First Coronavirus Response Act of 2020.  Provides payroll tax credits for employers who voluntarily provide paid leave through the end of September 2021.
• Extends the employee retention tax credit established by the CARES Act through December 31, 2021.  Expands eligibility for the credit to new startups that were established after February 15, 2020, and companies if their revenue declined by 90% compared to the same calendar quarter of the previous year. The credit would be capped at $50,000 per calendar quarter for startups.

Cash Payments to Individuals & Families / Unemployment Benefits

• Provides $1,400 in direct payments to individuals and dependents.
• Extends enhanced unemployment insurance until September 6, 2021.  This includes the Pandemic Unemployment Assistance (PUA) program, which expands eligibility for the self-employed, gig workers, freelancers and others in non-traditional employment who do not qualify for regular unemployment insurance, as well as the Pandemic Emergency Unemployment Compensation (PEUC) program, which makes additional weeks of benefits available to workers who exhaust their state benefits.  All other CARES Act and Families First Act unemployment programs are similarly extended until September 6, 2021.

The eBay Government Relations team will continue to monitor developments at the federal, state and local level and provide regular updates about small business policies and assistance that may be made available, and will continue to advocate for resources and policies that support small businesses in this challenging time.