Dear Friends and Colleagues:
We wanted to take a moment to update you on a few things, including SVOG.
RECONSIDERATION 2.0 LAUNCHES NEXT WEEK.
The SBA announced it will open up "Reconsideration 2.0" next week. This process could be especially helpful for those who misstated revenue numbers or need to revise their dates of operation, as those are the two items on which the SBA will focus.
The SBA informed us:
- It will send related action items next Wednesday.
- The SBA will host information sessions this Friday and next week. You will be invited based on your entity type:
- Museum Operators - Friday, 11/12 at 1 p.m. (EST)
- Theatrical Producers - Friday, 11/12 at 3 p.m. (EST)
- Talent Representatives - Monday, 11/15 at 1 p.m. (EST)
- Motion Picture Theater Operators - Monday, 11/15 at 3 p.m. (EST)
- Live Performing Arts Organization Operators - Tuesday, 11/16 at 1 p.m. (EST)
- Live Venue Operators or Promoters - Tuesday, 11/16 at 3 p.m. (EST)
THE SUPPLEMENTAL AWARD NOTIFICATION PROCESS IS NEARLY DONE.
The SBA noted:
- 6,204 Notices of Award have gone out. More than 1,300 invitations have not yet gone out.
- The SBA noted that after next week, if you have not received an invitation to participate in the Supplemental Award process and you believe you are eligible, then you should contact the SBA.
- $2.2 billion has been awarded, while only $1 billion has been disbursed. While many have received and signed Notices of Award, disbursements are still lagging because of the Salesforce bug.
- Applicants eligible for Supplemental Awards are defined as "recipients of first, second, and third priority round awards who suffered a 70% or greater earned revenue loss when comparing 2021 Q1 to 2019 Q1."
BUDGET AND CLOSE-OUT TIP: THE SBA SBDCs CAN HELP.
The SBA confirmed on Wednesday that its Small Business Development Centers are being advised on the SVOG budgeting and close-out process and the SBDCs are here to help. Find your nearest SBDC here.
SBA PROGRESS REPORT
Additionally, the SBA has released its latest program report. Many of the numbers have since been updated, and it also provides more details that may be of interest. The SBA also released the imost recent awardee data, found here.
UPDATE ON QUARTERLY EMPLOYEE RETENTION TAX CREDIT (ERTC)
The recently passed federal Infrastructure Bill eliminates the 2021 4th quarter Employee Retention Tax Credit (ERTC). There is a chance that the 4th quarter ERTC could be restored in one of the upcoming pieces of federal legislation, such as the Reconciliation bill or an end-of-year tax extenders package. Please continue to contact your elected officials to advocate for restoration of ERTC!
Thank you for your continued work and support. Please check with your member organization for information and help regarding your specific needs.