With PPP Ended, Small Business Must Look For Other Sources Of Funding forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Many live-event venues struggling to survive during the pandemic have been clinging to hope in the form of grants available from the Small Business Administration that will help them make ends meet until their industries recover.
But the money, these groups say, isn't coming fast enough.
The…
Stakeholders awaiting funds from the Shuttered Venue Operators Grant program are collectively calling on the government's Small Business Administration to move faster to release money they are counting on to survive as the industries for live music, events and entertainment cling to life until cash flow returns.
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Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There are two questionnaire forms on the Treasury: Form 3509 for for-profit borrowers and Form 3510 for non-profit borrowers. On December 9, 2020, the SBA released FAQ 53, which provides some clarifications on the questionnaire (the “FAQ #53”).
Update: Starting in March 2021, we saw borrowers with loans of $2 million or greater starting to receive requests for additional materials (such as the maintained documents) or being informed by their lenders that they were under “SBA review.” Also, in March, April, and May 2021, we saw several lenders (and perhaps the SBA) stop processing forgiveness applications while they were working on new First Draw and Second Draw PPP Loans. In late May, the le
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications.