Action Alert: IMPORTANT SVOG AND ERTC NEWS!

By Laurie Baskin posted 20 days ago

  

SHUTTERED VENUE OPERATORS GRANTS (SVOG) UPDATE

SBA will be sending out invitations to all SVOG awardees, by entity type, to participate in upcoming informational sessions. If you have any questions about your award amount, Reconsideration 2.0, or allowable expenses, please make time to participate:


SVOG SUPPLEMENTAL AWARD PROCESS IS NEARLY COMPLETE

Approximately 7,500 initial grant awardees were eligible for a “Supplemental” award based on demonstrating at least 70% earned revenue loss comparing 1st or 2nd quarter 2021 with the same quarters in 2019. So far, the SBA has issued 6,204 award notifications and will finish notifying the remaining 1,300 supplemental awardees by Wednesday, November 17, 2021.

IMPORTANT: If you believe that you qualify for a supplemental award and have not received your supplemental offer by Nov. 17, then please send an email on November 18 explaining your situation to svogrant@sba.gov with the subject line “Attn: SVOG High Level Review Team.” Please copy Laurie Baskin at lbaskin@tcg.org so TCG can follow up with the SBA.

If the SBA has issued you a notification of a supplemental award, but it has not been disbursed yet to your account, please be patient a little bit longer. Of the $2.2 billion that the SBA has already obligated in supplemental funds, only $1 billion has been disbursed so far.

When you receive your Form 1222 Notice of Award and Addendum to sign, please be sure to make a PDF of all four pages to return to the SBA, even if it looks like some of the pages are irrelevant.

RECONSIDERATION 2.0 BEGINS ON WEDNESDAY, NOVEMBER 17

SBA will e-mail invitations for Reconsideration 2.0 beginning November 17, 2021 to all SVOG applicants on a rolling basis as applicants complete the full awards process. An action item will be made available in your SVOG application portal. Reconsideration 2.0 is an opportunity for SVOG grantees, who made mistakes on their initial application that could have decreased their award amount, to correct those mistakes and possibly receive a larger award. Please be on the lookout for your invitation for Reconsideration 2.0, as the window to opt-in will remain open for only 21 days. This is your final opportunity to provide updated documentation. For more information on Reconsideration 2.0, please review SVOG Post-Application FAQs.

BUDGET AND CLOSE-OUT TIP: THE SBA SMALL BUSINESS DEVELOPMENT CENTERS (SBDCs) CAN HELP

The SBA confirmed today that its Small Business Development Centers are being advised on the SVOG budgeting and close-out process and that the SBDCs are here to help. You are encouraged to take advantage of this technical assistance. Find your nearest SBDC.

THE SBA'S SVOG PROGRAM REPORT

The SBA has released its latest program report. The SBA also released the most recent awardee data.

UPDATE ON QUARTERLY EMPLOYEE RETENTION TAX CREDIT (ERTC)

​​The recently passed federal Infrastructure Bill eliminates the 2021 4th quarter Employee Retention Tax Credit (ERTC), but quarters 1, 2, and 3 remain intact. There is a chance that the 4th quarter ERTC could be restored in one of the upcoming pieces of federal legislation, such as the Reconciliation bill or an end-of-year tax extenders package. Please continue to contact your elected officials to advocate for restoration of ERTC!

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