It’s safe to say that the COVID-19 pandemic has been challenging for most of us. It wreaked havoc on businesses of all sizes, from large corporations to family-owned small businesses and franchises.
It seems we’re finally starting to turn the corner, pandemic-wise. Multiple COVID-19 vaccines have been approved and are being distributed to people across the country. With increased vaccination, the number of COVID-19 cases has been showing a promising and steady decrease. That’s led many leaders to cut back on the number of business restrictions in place.
All of this is incredibly promising news for the American franchise world. One other positive? The passage of the American Rescue Plan, supported by the IFA.
What will this plan mean for franchisees? Let’s explore the topic:
5 Ways the American Rescue Plan Benefits Franchisees
There are a number of ways that the American Rescue Plan will benefit franchisees, both directly and indirectly.
- Direct payments. In some cases, based on income level, you will be eligible for a direct payment of up to $1,400 per individual. Most stimulus direct payments were sent out via direct deposit on either March 17 or March 24, but in some cases, payments may arrive by mail in a check or debit card.
- Increased insurance access. If you’re in need of health insurance, the Health Insurance Marketplace has been reopened for an additional enrollment period. Under the newly based legislation, additional support will be available in some cases for premium subsidies, since the income threshold has been adjusted.
- Additional PPP funding. The legislation infuses an additional $7.25 billion into the Paycheck Protection Program, available to small business owners.
- Increased funding for vaccination. The more people who are vaccinated, the safer we are; the safer we are, the more stabilized the economy becomes.
- Support for specific industries. The legislation includes $25 billion for a Small Business Administration grant program that supports restaurants. Small businesses, those in the entertainment business, and those in transportation also have specific support defined in the legislation.
When you’re ready to take the leap into franchising, we’re here to help you explore the options! Get in touch today to get started.