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<p class="MsoNormal">FYI – PPP deadline has extended from March 31, 2021 to May 31, 2021 with $88 billion available. This is good news for both local businesses and for your own organizations. See below for additional info and updates.<o:p></o:p></p>
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<p class="MsoNormal"><b>From:</b> Nina Ozlu Tunceli <artsactionfund@artsusa.org> <br>
<b>Sent:</b> Thursday, March 25, 2021 12:21 PM<br>
<b>To:</b> sheri.stuart@state.or.us<br>
<b>Subject:</b> PPP Application Deadline Extended to May 31, 2021<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p style="margin-bottom:8.25pt"><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif"> March 25, 2021<br>
<br>
Dear Sheri,<br>
<br>
Without a moment to spare, the United States Senate just voted overwhelmingly 92-to-7 to extend the PPP application deadline from March 31, 2021 to
<strong><span style="font-family:"Tahoma",sans-serif">May 31, 2021</span></strong>. The House had already passed this legislation 415-to-3 earlier this month, so it now moves to the President’s desk for his signature and certain enactment.</span><o:p></o:p></p>
<p style="margin-bottom:8.25pt"><b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#C00000">What impact does the PPP extension mean for you?</span></b><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:42.0pt;text-indent:-.25in;mso-list:l0 level1 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">For self-employed Schedule C individuals, who struggled to find lenders that offered recently updated application forms featuring the more generous “gross revenue”
line 7 of Schedule C application forms for either <a href="http://go.pardot.com/e/565082/le-c-filers-using-gross-income/4x27bb/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">first draw</span></a> or <a href="http://go.pardot.com/e/565082/le-c-filers-using-gross-income/4x27bd/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">second draw</span></a>, lenders will now have time to update systems so you can apply with the correct forms to ensure you receive a larger forgivable loan.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:42.0pt;text-indent:-.25in;mso-list:l0 level1 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">For non-schedule C organizations, who have been waiting for your lender to update their PPP
<a href="http://go.pardot.com/e/565082/draw-borrower-application-form/4x27bg/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">first draw</span></a> and <a href="http://go.pardot.com/e/565082/draw-borrower-application-form/4x27bj/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">second draw</span></a> applications with the recently updated certification clause on SVOGs, lenders will now have time to update systems so you can apply with the correct forms.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:42.0pt;text-indent:-.25in;mso-list:l0 level1 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">For those of you who receive your first draw PPP in the first quarter of 2021, you now have more time to properly complete spending down your first draw in as few
as 8 weeks and then apply for a second draw PPP before May 31<sup>st</sup>. </span>
<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:42.0pt;text-indent:-.25in;mso-list:l0 level1 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">For those of you who plan to submit an
<a href="http://go.pardot.com/e/565082/s-/4x27bl/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">SVOG application on or after April 8, 2021</span></a>, and you are also interested in securing a PPP loan now, you
<b><u>must</u></b> apply for the PPP before you apply for the SVOG.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:42.0pt;text-indent:-.25in;mso-list:l0 level1 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">We recently posted Proskauer law firm’s
<a href="http://go.pardot.com/e/565082/0Forgivable20Loan20Program-pdf/4x27bn/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">PPP deep dive analysis</span></a> into all the ongoing updates to PPP and Forgiveness to our website.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:42.0pt;text-indent:-.25in;mso-list:l0 level1 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">There are still ample
<a href="http://go.pardot.com/e/565082/ck-protection-program-ppp-data/4x27bq/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">PPP funds available</span></a> with a current balance of
<b>$88 billion</b>.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:42.0pt;text-indent:-.25in;mso-list:l0 level1 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">Please give banks and lenders a few days to update their systems with the PPP extension deadline that Congress just passed this afternoon. It still needs to be signed
by the President.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:42.0pt;text-indent:-.25in;mso-list:l0 level1 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">If you are still having a hard time finding lenders, especially those with the updated Schedule C applications for self-employed individuals, here are a few online
lenders that I do not have any affiliation with nor do I endorse, but they “appear” to have the most up-to-date SBA forms:</span>
<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:84.0pt;text-indent:-.25in;mso-list:l0 level2 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:"Courier New""><span style="mso-list:Ignore">o</span></span><![endif]><a href="http://go.pardot.com/e/565082/ppp/4x27bs/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#0099CC">Womply</span></a><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:84.0pt;text-indent:-.25in;mso-list:l0 level2 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:"Courier New""><span style="mso-list:Ignore">o</span></span><![endif]><a href="http://go.pardot.com/e/565082/PPP/4x27bv/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#0099CC">First
National Bank</span></a><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:84.0pt;text-indent:-.25in;mso-list:l0 level2 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:"Courier New""><span style="mso-list:Ignore">o</span></span><![endif]><a href="http://go.pardot.com/e/565082/us-en-capital-sba-ppp-loans/4x27bx/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#0099CC">Square</span></a><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:8.25pt;margin-left:84.0pt;text-indent:-.25in;mso-list:l0 level2 lfo1">
<![if !supportLists]><span style="font-size:10.0pt;font-family:"Courier New""><span style="mso-list:Ignore">o</span></span><![endif]><a href="http://go.pardot.com/e/565082/ppp-loan/4x27bz/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#0099CC">PayPal/</span></a><u><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif"><a href="http://go.pardot.com/e/565082/ppp-loan/4x27bz/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><span style="color:#0099CC">Loan
Builder</span></a></span></u><o:p></o:p></p>
<p style="margin-bottom:8.25pt"><b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#C00000">COVID-19 EIDL Loan Updates:</span></b><o:p></o:p></p>
<p class="gdp" style="mso-margin-top-alt:7.5pt;margin-right:0in;margin-bottom:7.5pt;margin-left:0in">
<span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">Last week, I reported that the SBA automatically
<a href="http://go.pardot.com/e/565082/ther-disaster-loans-until-2022/4x27c2/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">deferred repayment</span></a> on COVID-19 EIDL loans by an additional 12 months. Yesterday, the SBA also announced that they are
<a href="http://go.pardot.com/e/565082/disaster-loan-section-header-5/4x27c4/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<span style="color:#0099CC">increasing the maximum loan amount</span></a></span><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#0099CC">
</span><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">for both new and
<u>existing</u> COVID-19 EIDL loan borrowers because the pandemic has lasted longer than originally anticipated. SBA will be emailing existing borrowers to see if they would like to increase the amount of their loan.
</span><i><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#C00000">Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program
</span></i><strong><i><u><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">from</span></u></i></strong><i><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">
</span></i><i><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#C00000">6-months of economic injury with a maximum loan amount of $150,000
</span></i><b><i><u><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">to</span></u></i></b><i><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">
</span></i><i><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#C00000">up to 24-months of economic injury with a maximum loan amount of $500,000.
</span></i><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">The amount of your loan depends on your business’ previous expenditures and your credit score. Please remember, a COVID-19 EIDL loan is debt that must be re-paid over 30 years. It is
not a forgivable loan like a PPP.</span><o:p></o:p></p>
<p style="mso-margin-top-alt:7.5pt;margin-right:0in;margin-bottom:7.5pt;margin-left:0in">
<span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">If you are interested in a Shuttered Venue Operators Grant, be sure to sign up for the SBA’s new</span><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:black">
</span><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif"><a href="http://go.pardot.com/e/565082/s-/4x27bl/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><b><span style="color:#0099CC">SVOG portal</span></b></a></span><b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#0099CC">
</span></b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">opening on April 8<sup>th</sup><b>
</b>and the SBA’s</span><b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:black">
</span></b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif"><a href="http://go.pardot.com/e/565082/m-email-utm-source-govdelivery/4x27c6/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><b><span style="color:#0099CC">SVOG webinar</span></b></a></span><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:black">
</span><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">on March 30<sup>th</sup>. Remember, you can always join me on Fridays at 11:00am ET for my
<a href="http://go.pardot.com/e/565082/officehoursnina/4x27c8/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA">
<b><span style="color:#0099CC">Zoom Office Hours</span></b></a></span><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:black">
</span><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">to ask any questions related to federal COVID relief funds.</span><o:p></o:p></p>
<p style="margin-bottom:8.25pt"><b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:black">Stay safe and stay tuned for more.</span></b><b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif"> </span></b><br>
<img border="0" width="110" height="56" style="width:1.15in;height:.5833in" id="_x0000_i1029" src="http://go.pardot.com/l/565082/2018-11-12/31s714/565082/159479/Nina_signature_email.jpg"><o:p></o:p></p>
<p class="MsoNormal"><strong><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif">Nina Ozlu Tunceli</span></strong><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif"><br>
Executive Director</span><br>
<br>
<b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:black">To read an archive of Arts Action Fund federal updates, visit </span></b><span style="font-size:12.0pt"><a href="http://go.pardot.com/e/565082/Covid19ArtsFederalPolicyUpdate/4x27cb/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA" title="http://go.pardot.com/e/565082/9Sxmgf78f-INJ1qOr-rQ9B2Fe0vfEg/4x27cd/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><b><span style="font-size:10.5pt;font-family:"Tahoma",sans-serif;color:#0099CC;text-decoration:none">COVID-19
Arts Federal Policy Updates & Action Alerts</span></b></a></span><span style="font-size:10.0pt;font-family:"Times New Roman ,serif",serif;color:#1791B6">.</span><br>
<br>
<a href="http://go.pardot.com/e/565082/join/4x27cg/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><span style="text-decoration:none"><img border="0" width="250" height="81" style="width:2.6083in;height:.8416in" id="_x0000_i1030" src="http://go.pardot.com/l/565082/2021-03-07/4v55nk/565082/1615143721Pm9ygo0s/ArtsVote_Buttons_for_Eblasts.png"></span></a><br>
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<span style="font-size:10.5pt;font-family:"Tahoma",sans-serif"> <a href="http://go.pardot.com/e/565082/artsactionfund/4x279q/713210389?h=s5jY2ACtE_B-WNuFxth7MvmDWbOV_AP6baBphFTz5tA"><span style="text-decoration:none"><img border="0" width="40" height="40" style="width:.4166in;height:.4166in" id="_x0000_i1031" src="http://go.pardot.com/l/565082/2020-08-13/4c5gkw/565082/282036/facebook_logo_png_transparent_background.png"></span></a>
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