SBA aims to reopen Shuttered Location Operators Grant portal this week

The U.S. Little Small business Administration (SBA) intends to reopen the Shuttered Location Operators Grant

The U.S. Little Small business Administration (SBA) intends to reopen the Shuttered Location Operators Grant software portal by the conclude of this week.

The SBA stated in a information launch that its technology workforce and suppliers are concentrated on tests the portal, which was pressured to shut down owing to specialized problems only hrs following it opened on April 8. The SBA stated last 7 days that its sellers have mounted the root bring about of the preliminary issues but that more in-depth hazard investigation and strain tests identified other challenges that affect software performance.

“The distributors are promptly addressing and mitigating them and working tirelessly with our group so the software portal can reopen ASAP and we can provide this critical support,” the launch mentioned.

At the time it has set an exact date and time to reopen the portal, the SBA will deliver progress see so that applicants can be ready and have equitable accessibility to the application, which will award grants on a first-arrive, first-serve foundation within just distinctive places of precedence. The company mentioned that it would supply updates on its Twitter feed.

The software portal for the SVOG program ran into technological issues nearly promptly on April 8, with location house owners and other suitable organizations expressing on social media that they could not add supporting paperwork for their apps. The SBA then shut down the portal for repairs.

The SVOG application was designed when the Financial Aid to Tough-Hit Small Firms, Nonprofits, and Venues Act, P.L. 116-260, was signed into law in late December. The Financial Help Act appropriated $15 billion to the software.

The American Rescue Plan Act, P.L. 117-2, which grew to become legislation March 11, appropriated an more $1.25 billion to the SVOG, bringing the program’s funding to a complete of $16.25 billion. More than $16 billion of the funding is established apart for grants, with at minimum $2 billion reserved for eligible SVOG applicants with no additional than 50 personnel.  

Entities qualified to utilize for an SVOG include operators of live venues, reside performing arts corporations, museums, and movie theaters, as well as reside venue promoters, theatrical producers, and talent representatives.

The American Rescue Prepare Act amended the SVOG software so entities that use for a Paycheck Security Method (PPP) personal loan immediately after Dec. 27, 2020, can also use for an SVOG, with the qualified entity’s SVOG to be decreased by the PPP bank loan volume. An interim last rule codified those adjustments with further information.

For additional details on the SVOG, the adhering to assets are readily available from the SBA:

AICPA industry experts explore the most recent on the PPP and other compact business support systems for the duration of a digital town hall held just about every other week. The webcasts, which supply CPE credit score, are totally free to AICPA members and $39.99 for nonmembers. Go to the AICPA Town Hall Collection webpage for much more facts and to register. Recordings of City Corridor events are available to look at for absolutely free on AICPA Television set.

The AICPA’s Paycheck Security Software Sources webpage residences methods and resources developed by the AICPA to help deal with the financial affect of the coronavirus.

Accounting firms can put together and course of action applications for the PPP on the CPA Company Funding Portal, made by the AICPA, CPA.com, and fintech companion Biz2Credit.

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Jeff Drew ([email protected]) is a JofA senior editor.