||| FROM SJ ECONOMIC DEVELOPMENT COUNCIL |||
The EDC is continuing to analyze the details of the just-passed stimulus package, the Consolidated Appropriations Act, 2021. Our comprehensive summary with article links can be found here and we will continue to post updates at that link.
We are still days away from PPP applications reopening but businesses that qualify and are interested in doing either an initial application or a second draw should start gathering their materials in anticipation of the application period and reaching out to your business lender.As in the previous round, businesses can submit 2.5x months of payroll costs. Restaurants, bars, and hospitality (NAICS code starts with 72) are an exception and can submit 3.5 months. 2nd draw applicants need to demonstrate a reduction of at least 25% in gross receipts during a quarter of 2020 as compared with the same quarter in 2019.
More information will become available as the SBA and banks release their deployment plans and timelines in the coming days. As before, these loans will be applied for either through your existing business bank or online lenders such as Kabbage or BlueVine. We will post links once lenders start making them available.
- SBA Website: www.sba.gov — and more specifically: www.sba.gov/paycheckprotection and www.sba.gov/coronavirus
- Subscribe to SBA email updates: www.sba.gov/updates
- Follow the SBA on social media: Twitter | Instagram | Facebook | YouTube | LinkedIn
Details about the Grants for Shuttered Venue Operators Bill—also known as the Save Our Stages Bill—which earmarked $15 billion for entertainment venues — can be found here and here. Application portals have not yet opened for this grant but we are monitoring for updates.
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