In this issue…
As of April 11, the SBA has pumped out $232 billion, through 5,241 lenders and 4.4 million loans since the first week of January. Given that rate, the $50 billion in funds left will last at least through May 15, but get your request in now! The big banks and fintechs are in full processing mode with Womply popping up everywhere. If you don’t know what a Womply is, don’t bother. After May 31, it won’t matter.
A couple of notes on the SVOG. First, the V stands for Venue, not for restaurant, pub, brewery, gym or dance studio. Venue’s are movie theatres, museums, arenas and any business where 70% of revenue is from ticket sales, and there is a defined performance and audience space. You also have to have had quarterly revenue drops of 25% or more. There are other rules, but you can click here for those. It’s really pretty specific.
The RRF (not to be confused with the RAF, although one could say the restaurants were certainly shot down) has just issued a Program Guide as of Saturday. Sorry, but I just noticed it Sunday night. Give me a day to get through it and I will run a special report. However, if you like, it is an easy to read, succinct, 21 pages and you can find it here. You may have noticed the tongue-in-cheek there.
That’s it for now, so break a leg!