TCG is able to share some updates regarding the Supplemental and Reconsideration phases of the SVOG program based on an SBA stakeholder briefing earlier today:
- Supplemental invitations are still being sent out – they have been issued in batches and they are not finished.
- In response to some confusion around updating Q1 financials: The first time SBA notified initial awardees about the Supplemental Award process, they invited applicants to update their Q1 financials and this was optional. If an entity received an Action Item in their portal after that, it was mandatory – SBA explained that there were at least about 2,000 entities that appeared to have placeholder financial information for their Q1 data. SBA wants applicants to either affirm the numbers or update them. Most of these were zeroes or very low numbers. Those applicants would not yet have received an invitation to accept a Supplemental award if they have not satisfied this mandatory Action Item. Please double-check your portal to see if there are any outstanding Action Items. Not all applicants would have received this mandatory Action Item to update Q1 financials – only if SBA felt the numbers needed updating or confirmation.
- SBA will alert stakeholders (including TCG) when they believe that all Supplemental invitations have gone out, and if there are theatres that should have received the invitation and didn't, TCG will be able to report them to SBA.
- Supplemental Awards – the actual disbursement of funds – has not begun yet for anyone. The SBA must conclude its review of all applications received between April 26 and June 26 and there are fewer than 100 to finish up, but these are some of the most complicated applications. Once these are finished, SBA can begin to issue Supplemental funding.
- Reconsideration status: if your status says Reconsideration in Review, you are exactly where you are supposed to be. Nothing has gone out yet regarding Reconsiderations as they review their work and this element of the program.
TCG will keep you posted as we learn more.