PPP Extension Passed in the Senate
This afternoon, the Senate passed the bill to extend the time to apply for a PPP first or second draw loan to May 31st. This is great news for those that have not yet applied, or for applicants whose loan remains on hold or in processing. The bill also provides the SBA with an additional 30 days after the May 31st deadline to continue processing loans. This provision will allow loans that have needed additional processing time the ability to be approved by June 30th.
EIDL Program Increases Maximum Loan Amount Added to Prior Extension to Payment Deferrals
Beginning the week of April 6th, the Economic Injury Disaster Loan program administered by the SBA will increase the maximum loan amount from $150,000 to $500,000. Borrowers that received the maximum of $150,000 will also be able to request increases in total loan amounts. The SBA plans to reach out directly to existing borrowers with instructions on how to request that increase.
In addition to the maximum loan increase, it was announced on March 12th that EIDL loan payments will now be deferred until 2022. Recipients can voluntarily begin making payments earlier if desired.
Shuttered Venue Operator Grant Sets Opening Date, Restaurant Revitalization Fund to Follow Shortly After
The SBA announced late last week that the Shuttered Venue Operator Grant (SVOG) application portal is set to open on SBA.gov on April 8th. The SBA will host a webinar with important information about the program on Tuesday, March 30th. Register for the webinar here.
The SBA also announced today that they are targeting early April to launch a phased rollout of the Restaurant Revitalization Fund. The SBA hopes to post additional information about this program over the next week.