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  • Writer's pictureJillian Helding

U.S. Treasury's First Installment of $10B Pandemic Small-Business Aid Program Arrives

More relief for businesses has arrived as high inflation, supply chain issues, and the threat of a recession pile onto other problems posed by the pandemic.

The U.S. Treasury is dispersing the first round of funds from the reauthorized State Small Business Credit Initiative (SSBCI) to five states: Hawaii, Kansas, Maryland, Michigan, and West Virginia. The SSBCI is a small-business aid program that's been around for a little more than a decade, but was replenished in March 2021 after President Joe Biden signed the $1.9 trillion American Rescue Plan Act into law.

Altogether, the five states were approved for up to approximately $639 million in relief, and Treasury already started distributing nearly $200 million to the states this month, according to a report from The Wall Street Journal.

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