ICYMI, the latest news from the SBA on the SVOG and PPP By | March 11, 2021 In an email to APAP members, we reviewed the updates on the Shuttered Venue Operators Grant (SVOG) program including: Revised FAQs (March 5, 2021) Shuttered Venue Operators Grant Eligibility Requirements Preliminary Application Checklist Plus, useful resources like: this SBA video on Eligibility for Talent Representatives this SBA video on Eligibility for Live Venue Operators or Promoters this information-filled slide deck, and this video on How to Register for DUNS and SAM While the SVOG program is not likely to open before March 31, 2021, the SBA is working as quickly as possible to open the program and has advised that there will be sufficient notification time before the application process opens. A reminder that the protected two-week window during which the SBA is only processing PPP loan applications from businesses with fewer than 20 employees and from self-employed individuals (sole proprietors, gig workers, 1099s) ends today at 5:00 p.m. (EST). The deadline to apply for any PPP loan is Wednesday, March 31, 2021, and there is still roughly half of the funds (more than $100B) left in the program. And some hopeful news that the not yet fully realized provision in The American Rescue Plan would allow 2021 Paycheck Protection Program (PPP) recipients to apply for SVOG, and then deduct the value of their PPP loan from the applicant’s SVOG maximum grant amount. While this option may be appealing to many waiting for the SVOG program to open, dual eligibility will not be confirmed until the latest relief bill is signed into law, which could be later this week. Save the date for March 18! APAP is planning a webinar to help support our members who plan to apply for the Shuttered Venue Operators Grant program who represent smaller businesses and organizations (such as agents, managers, small and mid-sized presenters, and others) and who may be less familiar with accessing funding from the federal government. Time and details to be announced soon. Have a specific question about the application process? Please submit your question here.
