The Consolidated Appropriations Act, 2021 was signed into law on December 27 which included $325 billion in aid to small business including a continuation of the PPP program, and the introduction of the shuttered venue grant.
Highlights of the program include:
- Includes organizations with no more than 300 employees that can demonstrate at least a 25 percent reduction in gross receipts in 2020 as compared to 2019
- Increases the payroll multiplier for certain entities in industries assigned a NAICS code 72.
- Borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
- Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations
- Certain existing PPP borrowers can request to modify their first draw PPP loan amount
- Certain existing PPP borrowers are now eligible to apply for a second draw PPP loan
Shuttered Venue Operator Grant
- Includes certain entities such as live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theatre operators, or talent representatives who demonstrate a 25% reduction in revenues from 2020 as compared to 2019
- Qualifying venues can get up to $10 million in grant money through the program