Yesterday, Congress passed a bill that extended the PPP (Paycheck Protection Program) deadline to May 31, 2021. While the bill still needs to be signed by the President, its passage is considered inevitable.
Are you planning to apply for both SVOG and PPP?
If you plan to submit a Shuttered Venue Operators Grant program application and you are also interested in securing a PPP loan, you must apply for PPP before you apply for SVOG. Many members who are eligible for both are considering leveraging the forgivable PPP loan to help cover the gap between now and when they may receive SVOG funds.
This extension also allows for additional time for lenders to update application forms and for 2021 first draw applicants to complete spending in order to apply for a second draw by May 31, 2021.
The total remaining funds available in PPP total nearly $88 billion. Thank you to Americans for the Arts' Arts Action Fund for providing this deep dive analysis of the latest PPP updates from the Proskauer Law Firm.
Have you signed up yet for the SBA's webinar on SVOG?
In advance of the opening of the SVOG application portal on April 8, the SBA is hosting a webinar on the Shuttered Venue Operators Grant program next Tuesday, March 30 from 2:30-4:00 p.m. (EDT). Don't miss out on the most up-to-date information.Reserve your spot here.Have a topic you'd like to see covered in the webinar? Email SVOGrant@sba.govby 12:00 p.m. (EDT) on Monday, March 29.
