Bank Type: The OCC uses the bank type classifications to determine the performance standards and examination procedures to evaluate a bank’s CRA performance. The OCC classifies banks as a small bank, intermediate bank, wholesale bank, limited purpose bank or a bank subject to the June 2020 rule’s general performance standards. The categorization is generally based on the bank’s asset size, except wholesale and limited purpose banks are classified based on business model. A small bank has assets of $600 million or less. An intermediate bank has $600 million to $2.5 billion in assets. A GPS bank has assets greater than $2.5 billion.
Although Small Business Administration has not yet released regulations a new web page provides high-level information & some insight on the SBA’s initial approach to the Shuttered Venue Operator grants SVO program.
Museum Operator
maintain a principle business activity of operating as a museum;
operate indoor exhibition spaces, subject to pandemic-related occupancy restrictions; and
have at least one auditorium with fixed seating.
Talent Representative
An eligible talent representative, in addition to satisfying the general eligibility criteria above must:
have at least 70 percent of operations involve representing or managing artists and entertainers;[3] and
book or represent paid musicians, comedians, actors, or similar performing artists primarily for live performances.
Restrictions
not:
have received more than 10 percent of its 2019 gross revenue from the federal government.
Lastly, an applicant is ineligible for funding if it satisfies all of the following:
CAA”), which provides $900 billion in new COVID-19 relief funding, was signed into law on December 27, 2020. Section 324 of Title III of the CAA, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “
Economic Aid Act”), introduces a new $15 billion grant program through which the U.S. Small Business Administration (the “
SBA”) will provide aid to struggling live venue operators and certain related businesses. This program offers a critical lifeline from the Federal government for the nation’s performing arts venues, movie theatres and museums. Grants made under such program are referred to by the SBA and in this publication as “
By Jonathan Cohen-Gorczyca, CPA, and Amila Hadzic
On Dec. 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law to assist businesses who have been financially impacted by the COVID-19 pandemic. As a result of the Economic Aid Act, the Paycheck Protection Program’s second-draw loan program was created.
This program will allow the U.S. Small Business Administration to provide eligible businesses with additional loans, similar to those from the original Paycheck Protection Program (PPP). The last day to apply for the second-draw loan is March 31, 2021, and there are eligibility and documentation requirements that need to be met during the application process.