In some much-needed good financial news for smaller team dealers and vendors impacted by the almost total shutdown of team sports in America due to the COVID-19 pandemic, on Tuesday afternoon the Senate passed the COVID 3.5 bill. The bill is expected to pass the House and be sent to the President for his signature this week.

As a service to the industry, Bill Sells, senior VP–government and public affairs for the Sports & Fitness Industry Association (SFIA), provided us with this synopsis and analysis  of the Senate COVID 3.5 bill:

Paycheck Protection Program (PPP)

• Adds $310 billion in funding to the Paycheck Protection Program (PPP) — Forgivable SBA loans if money used for eligible expenses. 501(c)(3) charities and 501(c)(19) military organizations are only non-profits eligible for PPP.
• Requires $30 billion in PPP loans be made by Insured Depository Institutions and Credit Unions with assets between $10–$50 billion.
• Requires $30 billion in PPP loans made by community banks, credit unions and small insured depository institutions and credit unions with assets under $10 billion.

‍Economic Injury Disaster Loans (EIDL) and emergency grants — all non-profits eligible for EIDL‍

• Adds $50 billion for Economic Injury Disaster Loan Programs
• Provides an additional $10 billion for Emergency Grants of up to $10,000

To contact Bill Sells: bsells@sfia.org