New information is just becoming available on additional Federal and State aid in response to COVID-19. This is ongoing over the next few weeks. The Network will share links and updated info as available. Please watch for announcements during the next 1-2 weeks from the State of Michigan as well as further guidance at the Federal level. Take advantage of Americans for the Arts free aid webinars 1/15 & 22. Info: See Grapic Above; Links & Bullets Below
 

Re-Opening PPP, Second PPP Draws, Streamlined Forgiveness

The U.S. Small Business Administration (SBA) re-opened the Paycheck Protection Program (PPP) today, January 11, for new borrowers and certain existing PPP borrowers. Per the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, this round of the PPP Americans employed by small businesses or as independent workers by authorizing up to $284 billion toward job retention and certain operating expenses by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan. Application deadline is March 31, 2021. 

Key PPP updates include:

1. PPP borrowers can set their PPP loan’s covered period to be 8 – 24 weeks:
2. PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
3. Eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations;
4. The PPP provides greater flexibility for seasonal employees;
5. Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
6. Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
7. A borrower is generally eligible for a Second Draw PPP Loan if the borrower: a) Previously received a First Draw PPP Loan and used the full amount only for authorized uses; b) Has no more than 300 employees; and, c) Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

New guidance includes:

1. Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act  (Released 1/6/2021)
2. Interim Final Rule on Second Draw Loans (Released 1/6/2021)
3. SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns  (Released 1/6/2021)

More guidelines, application forms and frequently asked questions will be released throughout January 2021.For more information  visit SBA.gov/ppp or Treasury.gov/cares. 

Emergency Aid Webinars 1/15 & 1/22

Arts Action Fund and Americans for the Arts will be conducting webinars on these and other COVID-19 Economic Relief Opportunities on Fridayw, 1/15 and 1/22 at 2:00pm.. Register for free at ArtsU or watch live at www.Facebook.com/ArtsActionFund.

Webinar Topics

• New SBA Guidelines opening a new round of Paycheck Protection Program Forgivable Loan Applications, Forgiveness, Tax Implications, and no longer need to deduct EIDL Advances
• New SBA Guidelines creating a second draw of PPP loans to current borrowers
• New EIDL Loan and Advances – already open to apply now 
• New Shuttered Live Venue Operators and Talent Representatives available to nonprofit, for-profit, and government owned or operated performing arts venues and museums 
• New Pandemic Unemployment Assistance for gig workers, W2 employees, and now “mixed earners”
• New IRS Stimulus Checks of $600 per taxpayer (phasing incrementally out after $75,000 adjusted gross income) and $600 for each of the tax filer’s dependent children 17 years old and younger)
• New expanded and extended charitable tax deductions for non-itemizers up to $300 per tax filer, instead of $300 per tax return. (ie- married, joint filers can deduct up to $600 now)
• New retroactive and upcoming NEA and NEH grants that can be awarded for general operating support.
• New funding for creative arts therapies within the U.S. Department of Defense

Registration link & Info HERE.