The Small Business Administration just released updated FAQs, which now officially state that eligible entities can apply for PPP2 and SVOG. You can access the new FAQs here.
The previous language law forbade eligible entities to apply for both Payroll Protection Plan (PPP2) after Dec. 27, 2020 and the Shuttered Venue Operators Grant (SVOG, formerly the Save Our Stages Act). The revised provision enables eligible entities to apply for PPP2 starting now until March 31, 2021, and also seek SVOG when the applications are made available by the Small Business Administration. The SBA has yet to set a date to accept SVOG applications.
The PPP2 money can help eligible independent venues and promoters hold on until SVOG funding starts being distributed. Any amount of PPP2 money taken by a recipient will be reduced from SVOG funds, i.e., if a venue is eligible for $100,000 SVOG and they have taken $25,000 in PPP2 funds, their SVOG cannot exceed $75,000.
Other important additions to the provision are an additional $1.25 billion added to the SVOG fund and $840,000 earmarked for the SBA staff to facilitate COVID-related programs.
Read more here:
Latest SBA FAQ
In this post, NJIVA does not give any legal advice, nor does it indicate any best practices that will assure success in any government-run programs. NJIVA merely provides the best available information at the time of writing.
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