The Senate just passed the $1.9 trillion COVID Relief Bill, and is heading back to the House and then onto President Biden's desk for signing.
This bill includes provisions to enable eligible entities to apply for PPP2 once the bill is signed into law until March 31, 2021, and also seek SVOG when the applications are made available by the Small Business Administration.
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.
Since the window of applying for PPP2 is just through the end of the month, you'll want to get a jump on it with your bank if you're inclined to seek that funding in addition to SVOG.
Keep an eye on these SBA websites for updates:
Also see our other blogs about SVOG and PPP here.
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