Dear IFEA Friends,
Following on the passage of the $1.9 trillion American Rescue Plan for COVID relief, a week ago, and signature by President Biden this past week, on Friday, March 12th the U.S. Small Business Administration (SBA) released a new and expanded version of their Shuttered Venue Operators Grant (SVOG) FAQ’s document, which is in a constant state of transition as rules and regulations are finalized. As a result of those updates, we wanted to provide you with the following links again (updated on March 12th), and encourage you to read through them, as they might affect your own organizations and financial planning.
While the SBA is saying now that actual SVOG applications may not be available until early April, they have also clarified that you can apply for both the Paycheck Protection Program (PPP) loans and the SVOG, without penalty, with any PPP funds received simply being subtracted from your total SVOG for those who qualify for both. The current PPP application deadline is March 31st, but there is additional legislation being considered currently to extend that deadline. If you are planning to apply for a PPP loan, we would suggest that you do so sooner, rather than later, just to be safe.
