Paycheck Protection Program deadline extended
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.
SBA is currently offering PPP loans until May 31, 2021. President Biden announced program changes to make access to PPP loans more equitable.
1. Find a lender:
2. Identify a loan:
- First Draw PPP loans: If you have not received a PPP loan before, First Draw PPP loans are available to you.
- Second Draw PPP loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan.
PPP Forgiveness Update
Guidance & Forms: PPP Loan Forgiveness (sba.gov)
- Interim Final Rules on Forgiveness
- Forgiveness Forms and Instructions
- Frequently Asked Questions on Forgiveness
SBA will no longer deduct EIDL Advances from forgiveness payments remitted to PPP lenders.
For Borrowers with a PPP of $150,000 or Less, Streamlined Forgiveness Application Now Available-Form 3508S
Note: Borrowers should work with their PPP lenders on forgiveness.
COVID-19 Economic Injury Disaster Loan (EIDL) program limits increased
The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.
“More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access,” said SBA Administrator Isabella Casillas Guzman.
SVOG Application Portal Opens on April 8
The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
- Frequently Asked Questions about SVOG (Revised as of 3-22-2021)
- Cross-program eligibility on SBA COVID-19 relief options
- Eligibility requirements
- Preliminary application checklist
- Shuttered Venue Operators Grant Overview
- SAM.gov Entity Registration Training
- Eligibility for Live Venue Operators or Promoters
- Eligibility for Talent Representatives
- Eligibility for Museum Operators
- Eligibility for Motion Picture Theatre Operators
New Video Tutorial: Use of Funds
- Source: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant
Find additional information about COVID Relief Programs at https://www.artsactionfund.org/COVID19Resources