YPP: COVID-19 Update March 2021

SBA EXTENDS EIDL DEFERRMENT PERIODS

The SBA has deferred payments on all disaster loans, that includes EIDL’s, until 2022.  For those clients who received an EIDL loan, you will recall that your first payment on that loan was deferred for 12 months.  For those who received the EIDL in 2020, that is being deferred for 24 months from receipt of the loan.  

If you received an EIDL in 2021, the first payment is extended to 18 months from receipt of the loan. 

You can read the full release here:  https://www.sba.gov/article/2021/mar/16/sba-extends-deferment-period-all-covid-19-eidl-other-disaster-loans-until-2022

SBA READY FOR SHUTTERED VENUE OPERATORS GRANTS

Some non-profits have been waiting to apply for this new grant, since it can provide more funding than the PPP2 loan.  The SBA is finally ready to start accepting applications on April 8th.  You can find more information about this grant here:  https://www.sba.gov/article/2021/mar/19/sba-launches-portal-begin-accepting-shuttered-venue-operators-grant-applications-april-8?utm_medium=email&utm_source=govdelivery.   Note also that the SBA is doing an informational webinar on March 30th, and you can register for that off the same link.