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Paycheck Protection Program Dollars Exhausted

SBA has stopped accepting new applications as of May 4, 2021

The dollars allocated for the Paycheck Protection Program (PPP) have been exhausted. As of Tuesday, May 4, the Small Business Administration (SBA) has ceased accepting new applications, nearly a month before the scheduled $292 billion program’s closure.

$6 billion has been reserved for PPP applications with error codes or in review status. An additional $8 billion has been set aside for any new applications that qualify to be funded through Community Financial Institutions (CFIs), which work with businesses in underserved areas.

Additional federal assistance is available for live entertainment venues and restaurants under the Shuttered Venue Operators Grant ($16 billion) and Restaurant Revitalization Fund ($28.6 billion).

Shuttered Venue Operators Grant
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant

Who can apply?

  • Live venue operators or promoters
  • Theatrical producers
  • Live performing arts organization operators
  • Museum operators
  • Motion picture theater operators (including owners)
  • Talent representatives

Restaurant Revitalization Fund
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund

Who can apply?

  • Restaurants
  • Food stands, food trucks, food carts
  • Caterers
  • Bars, saloons, lounges, taverns
  • Snack and nonalcoholic beverage bars
  • Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
  • Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
  • Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
  • Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
  • Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
  • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

Summary
The PPP, a core element of the response to the economic crisis caused by COVID-19, approved 7.6 million loans totaling over $687 billion between April and August 2020. Additional funds were allocated to the program in December 2020 and another 5.6 million loans were approved totaling nearly $260 billion from the reopening on Jan 11. through May 2.

For additional information contact us at info@herbein.com.