COVID-19 Prepare, Mitigate, Recover

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PPP Loan Forgiveness and More

  • 1.  PPP Loan Forgiveness and More

    Posted 05-18-2020 14:01
    Friends and colleagues,

    Some COVID-19 responsiveness updates:
    • The PPP loan forgiveness application and instructions are now available! 
    • More on those loans: last week, TCG filed comments on behalf of theatres in response to the interim guidelines for Paycheck Protection Program loans established under the CARES Act. The comments call on the SBA to allow flexibility with regard to loan forgiveness. Thank you, Laurie Baskin, for all your work on this!
    • And, as Laurie wrote here, ongoing arts advocacy during this time is critical. From her post: "TCG is working in strategic partnerships with national arts and nonprofit sector leaders to ensure that your voice is added to those influencing the outcome of the next COVID-19 relief package, and proposals the Cultural Advocacy Group crafted last month are now being echoed by city mayors, the Congressional Arts and Humanities Caucus Leadership, and bipartisan statements in the House and Senate." Please stay tuned for an Action Alert on this front!
    • Our friends at SMU DataArts and TRG Arts have just released "In It for the Long Haul," a white paper that estimates the pandemic's effect on the nonprofit arts sector and identifies three critical propositions and four prompting questions for consideration. One key data point: "the aggregate impact on finances for arts and cultural organizations with annual budgets over $50,000 is a net loss of $6.8 billion, equating to a deficit equivalent to 26% of expenses for the average organization."
    • Kevin Bitterman lifted up the webinar "Debunking the Top 5 Fundraising Myths in the Time of COVID-19" that NYSCA presented in partnership with Advance NYC. The video recording and presentation are available here.

    Sending you all love and resilience,

    Corinna Schulenburg
    Director of Communications