At the end of December, the U.S. Congress passed a year-end package of FY21 federal funding and coronavirus assistance of unprecedented scope. Now the Small Business Administration (SBA) and the U.S. Department of Treasury are working to issue official guidance on how the new laws will be implemented, including relaunching the Paycheck Protection Program (PPP), which reopened this week for both first and second draw loan.
Below are some resources on COVID relief funding opportunities, including two webinars that can be watched live or after the event. Chorus America business member Chorus Connection has also published a helpful "how-to" guide that outlines four funding opportunites for which your chorus may be eligible.
Two Webinars on Thursday, 1/14:
SBA Preliminary "Save our Stages" Webinar - 3:00 pm Eastern
- The Small Business Administration (SBA) will host a preliminary webinar regarding the Shuttered Venue Operators Grants (known as the Save Our Stages Program) this Thursday, January 14, at 3:00pm Eastern. While complete guidance on implementation of the program is not available, the webinar will provide initial information about the grants, who can apply, how potential applicants can prepare, and additional details re: eligibility and applications. Here is the link to the recorded webinar.
NATS COVID Relief Act 2 and the Singing Community Webinar - 5:00 pm Eastern
- Singing teachers, studio owners, singers, collaborative pianists, and associated professions are all eligible for funding from the second COVID-19 Relief Act. The National Asssociation of Teachers of singing will outline the funding options and help you prepare to apply and receive funding as a small business, self-employed, or gig worker. Certified Public Accountant Ann Henderson will join NATS Executive Director Allen Henderson for the webinar, which is 5-6:30 p.m. Eastern. The webinar will stream live on Official NATS YouTube channel. No registration required. This might be an especially helpful resource to share with professional singers or intrumentalists that your chorus works with.
Paycheck Protection Program Resources
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. Guidance is still awaited for implementation of the Shuttered Venue Operators Grants (Save our Stages) and the newly-expanded Employee Retention Tax Credits, but we know 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.
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:
SBA Guidance on First Draw Loans
SBA Guidance on Second Draw Loans