New Paycheck Protection Program (PPP) guidance from the U.S. Small Business Administration (SBA) incorporates changes to the program made by the American Rescue Plan Act.
The guidance establishes that entities receiving a Shuttered Venue Operators Grant (SVOG) cannot subsequently receive a PPP loan.
In an interim final rule released March 18, the SBA codified that change and clarified that if a venue operator receives first- and second-draw loans during the current PPP round and then receives an SVOG, the amount of the SVOG reduces by the total of the two PPP loans. Read more.