You will be pleased to know that SBA updated the SVOG FAQs on Friday evening, March 12. Of note is #5
*Is an entity that applied for a First Draw or Second Draw PPP loan on or after Dec. 27, 2020, eligible to apply for an SVOG?
Yes. While entities originally were prohibited from receiving both forms of SBA assistance, the American Rescue Plan Act, which became law on March 11, 2021, removed this restriction. However, under the law, entities will be ineligible for a PPP loan AFTER they receive an SVOG.
All of the new items in the FAQs appear with an asterisk * - and I urge you to continue to look through the entire document as you're making decisions.