SBA aims to reopen Shuttered Location Operators Grant portal this week

The U.S. Little Business enterprise Administration (SBA) intends to reopen the Shuttered Location Operators Grant application portal by the end of this week.

The SBA mentioned in a information release that its technological innovation staff and vendors are centered on testing the portal, which was pressured to shut down because of to complex issues only several hours immediately after it opened on April 8. The SBA said past 7 days that its sellers have mounted the root induce of the first challenges but that a lot more in-depth possibility analysis and strain assessments discovered other problems that have an effect on software functionality.

“The suppliers are quickly addressing and mitigating them and doing work tirelessly with our crew so the application portal can reopen ASAP and we can produce this essential assist,” the launch mentioned.

The moment it has set an actual day and time to reopen the portal, the SBA will supply advance observe so that candidates can be well prepared and have equitable accessibility to the system, which will award grants on a initially-appear, to start with-serve foundation inside distinct areas of priority. The company stated that it would deliver updates on its Twitter feed.

The application portal for the SVOG system ran into technical issues almost instantly on April 8, with location entrepreneurs and other eligible firms declaring on social media that they could not upload supporting paperwork for their applications. The SBA then shut down the portal for repairs.

The SVOG method was made when the Financial Support to Challenging-Strike Smaller Organizations, Nonprofits, and Venues Act, P.L. 116-260, was signed into law in late December. The Economic Assist Act appropriated $15 billion to the program.

The American Rescue Program Act, P.L. 117-2, which turned law March 11, appropriated an further $1.25 billion to the SVOG, bringing the program’s funding to a whole of $16.25 billion. Extra than $16 billion of the funding is established aside for grants, with at the very least $2 billion reserved for suitable SVOG candidates with no additional than 50 workforce.  

Entities qualified to use for an SVOG consist of operators of dwell venues, live performing arts businesses, museums, and movie theaters, as effectively as reside location promoters, theatrical producers, and talent reps.

The American Rescue Prepare Act amended the SVOG method so entities that apply for a Paycheck Defense System (PPP) personal loan immediately after Dec. 27, 2020, can also implement for an SVOG, with the qualified entity’s SVOG to be lessened by the PPP mortgage total. An interim remaining rule codified individuals adjustments with more particulars.

For much more information and facts on the SVOG, the following sources are obtainable from the SBA:

AICPA experts explore the newest on the PPP and other modest business aid plans throughout a virtual city hall held each other 7 days. The webcasts, which provide CPE credit rating, are absolutely free to AICPA associates and $39.99 for nonmembers. Go to the AICPA Town Corridor Collection webpage for much more information and to sign-up. Recordings of City Corridor gatherings are readily available to look at for free of charge on AICPA Tv.

The AICPA’s Paycheck Security Plan Sources website page properties resources and instruments generated by the AICPA to support handle the economic affect of the coronavirus.

Accounting firms can put together and system apps for the PPP on the CPA Business enterprise Funding Portal, made by the AICPA, CPA.com, and fintech lover Biz2Credit.

For extra information and reporting on the coronavirus and how CPAs can tackle problems linked to the outbreak, stop by the JofA’s coronavirus resources webpage or subscribe to our e mail alerts for breaking PPP news.

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