January 12, 2021

SBA Relaunches Paycheck Protection Program

The SBA and U.S. Department of Treasury continue to issue new guidance and forms for implementing first and second draw Paycheck Protection Program forgivable loans. A reminder that guidance is still awaited for implementation of the Shuttered Venue Operators Grants (Save our Stages) and the newly-expanded Employee Retention Tax Credits. Entities must choose to either receive an SOS grant or a 2021 PPP loan. Employee Retention Tax Credits are expected to be accessible to PPP and SOS recipients, as long as multiple federal resources are not used to support the same payroll periods. We will alert you as soon as additional details are available.

The PPP program has re-opened, with first draw loan applications accepted by Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries beginning January 11, and second draw applications accepted by those lenders starting January 13. Applications will soon be accepted by all other lenders, at a date yet to be announced by the SBA. Meanwhile, following are key links to SBA resources:

General Resources

SBA Guidance on First Draw Loans

SBA Guidance on Second Draw Loans

National Endowment for the Arts: New COVID-19 Research and Reports

The National Endowment for the Arts (NEA) has added to its growing collection of COVID-19 resources with the release of The Art of Reopening: A Guide to Current Practices Among Arts Organizations During COVID-19, which surveyed national arts service organizations and conducted interviews about reopening practices of organizations that have resumed in-person programming in 2020. The 42-page report presents promising tactics-such as being transparent when the unexpected happens and developing stronger ties with one’s local community-as well as nine case studies. 

In addition to The Art of Reopening, the Arts Endowment contributed to FEMA’s Recovery Support Function Leadership Group with COVID-19’s Impacts on Arts and Culture (PDF) that offers resources to arts organizations and artists.

Finally, the current issue of the Arts Endowment’s magazineArts in the Time of COVID offers more stories and insights. Each of the organizations featured in the magazine illustrates the importance of adaptation, resilience, and staying true to the values that drive each to overcome and survive.

Reminder: League COVID-19 Resources and Webinar

Please see the League’s overview of the latest COVID-19 relief package for a top-line summary of the $900 billion package that was signed into law on December 27. We will be adding details and links to official guidance as federal agencies issue more information about the fine print of eligibility and the timeframe for accessing relief.

You can learn essential information about the new Shuttered Venue Operators grants, second draws on the Paycheck Protection Program, substantially expanded Employee Retention Tax Credits, and other provisions in a League webinar, Newest Federal COVID-19 Relief Options on Friday, January 15 at 3:00pm Eastern/12:00pm Pacific, moderated by League VP for Advocacy Heather Noonan and featuring legal experts–Kyle Miller and Taylor Weinstein–from the law firm Pryor Cashman.

We encourage you to keep us informed of unanswered questions as the League continues to offer help and engage in the policy process. Please submit questions via our question portal.

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