There is so much inside the American Rescue Plan for Small Businesses and other Federal & State support programs that we are breaking them down into updates by program.
Please share with those who can benefit
It is for venue operators, promoters, theatrical producers, live performing arts organizations, museums, zoos, aquariums and theaters are all eligible. What you need to know and do:
- Because these are grants, not loans, the application will be done directly through the SBA and not through a bank.
- The SVOG program will take a phased approach.
a) For the first two weeks, businesses of any size that suffered a 90% or greater revenue loss between April and December 2020 due to Covid-19 will be admitted to the queue first.
b) The next two weeks will be opened to those that had a 70% or greater revenue loss. After the initial 28 days, it will open to venues that suffered a loss of 25% or more, which will include all eligible venues.
- Businesses can receive up to $10 million. The funds can also go to a wide range of expenditures: for payroll, debt, purchasing personal protective equipment, but also capital expenditures necessary to get the curtain up again.
a) The program specifically set aside $2 billion designated for businesses that have 50 or fewer employees, to ensure there’s a bucket of funding for mom-and-pop operators. Publicly traded operators are not eligible for the program.
b) NEW! Entities that apply for a First Draw or Second Draw PPP Loan on or after Dec. 27, 2020 are now eligible to also apply for an SVOG. While entities originally were prohibited from receiving both forms of SBA assistance, the American Rescue Plan Act, which became law on March 11, 2021, removed this restriction. However, under the law, entities will be ineligible for a PPP loan AFTER they receive an SVOG
The prep may take two weeks to complete.
1. Sign Up Here to Be Informed of When the Application Opens
4. Register with SAM (Systems for Awards Management) – allow up to 2 weeks for approval. Watch the new YouTube training on SAM.gov registration for the SVOG.
5. Create a login.gov profile.
6. Gather 2019 and 2020 Financials.
7. Do the calculation for the number of employees based on the definitions in the FAQ. Note: this calculation is different from the one used for PPP.
8. Do the calculation for what the potential maximum grant award could be. Formulas on SVOG website.
10. Do the calculations to identify the percent of revenue loss experienced in 2020 in order to determine the priority application period in which you will be able to apply.
Sign up for no cost confidential consulting to help you on your journey click here. Or reach out to your CPA.
American Rescue Plan for Small Businesses
2) Additional funds are allocated for the Shuttered Venue Operators Grant program (SVOG), and now allows businesses to apply for BOTH a PPP loan after Dec. 27, 2020 and the SVOG.
3) $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit.
4) The National Restaurant Association hosted a webinar view here that discusses the Restaurant Revitalization Fund (RRF) which will feature $28.6 billion for restaurants with 20 or fewer locations, and will be administered by the U.S. Small Business Administration (SBA).