b'for workers and customers; continued operations anddisaster, SBA has made slight adjustments toPVAsBoardofDirectorsendorsedthe maintenance of existing equipment and facilities; rent,the program so that it can be an option forcreation of the RRF. PVA President Colleen leases, insurance, and interest on regular debt service.small businesses. StephenswrotetoSBAAdministrator Themaximumgrantsizewillcoverthepandemic- IsabellaCasillasGuzmanandPVAstaff related lost revenues of a business in the year 2020EIDLprovidesloans(notgrants),buttheworked closely and successfully with senior comparedtorevenuesof2019.However,ifthe$2featuresarequiteattractive.TheinterestSBAadministratorstoensurethatdining billion appropriation is not sufficient in size, Treasuryrate is 3.75 percent. The term of the loan iscruise vessels would be deemed eligible for will make a pro-rate reduction in eachgrant awarded. 30 years and there is no pre-payment penalty.RRF grants. The RRF statute included an For a loan issued in 2021, payment need noteligibilitycategoryentitledothersimilar PVAworkedhardtoconvinceCongresstoenactstart for 18 months. The amount of the loan aplacesofbusinessinwhichthepublicor theCERTSgrantprogramandconferredregularlybusiness can qualify for is based on a formula,patrons assemble for the primary purpose of with Treasury officials to ensure that the applicationand currently the maximum size of the loan isbeing served food or drink,and that is the process (when it opened up) would be straightforward. $500,000 (although it may be increased in thecategory in which dining cruise vessels fi t.near future). A permissible use of COVID-19 As a reminder, a CERTS award is a grant and does notEIDL loans is to pay interest and principalAn RRF applicant could receive a grant to need tobe paid back, assuming it is used for statutorilyof many types of business loans. Thus, SBAoff setpandemic-relatedeconomiclossesof allowablepurposes.However,thegrantfundsarepointsout,ifabusinesshashigh-interestup to $5 million per physical location (or $10 taxable; click here for IRS guidance. credit card debt, an EIDL loan enables themillion total).business borrower to pay offthe high-interest Ontheassumptionthattheoriginal$2billiondebt and refi nance it at a more manageableAbout$28.6billionwasmadeavailable appropriation may not be sufficient to cover the entire3.75 percent. through the RRF. This was sufficient to fund lost revenues of all the qualifi ed applicants, PVA isslightlyover100,000applicants.However, actively urging Congress to provide additional fundingFor more information about the Covid EIDLmorethan278,000businessessought for a second round of CERTS funding.program, click here.over$72million,somoreapplicantswere unsuccessful than successful.MAIN STREET LENDING RESTAURANT REVITALIZATION Noteverypandemic-relatedfi aidprogramFUND (RRF) NewlegislationtheRestaurantnancial proved to be eff ective. One such dud was the much- YetanotherSBAaidprogramtheRevitalizationReplenishmentActof2021 ballyhooed Main Street Lending Program administeredRestaurantRevitalizationFundraised(H.R. 3807 and S.2091)is pending in bytheFederalReserve.Therequirementsforhigh hopes and provided substantial help toCongress.PVAsBoardofDirectorshas applying,demonstratingfi nancialneed,andprovingmany, but disappointed even more. endorsed passage of this legislation. If it is creditworthiness were simply too much for most privateenacted into law, SBA will be able to reopen businesses and nonprofi t entities. Even though the FedCreatedbyCongresstoprovidetargetedtheprogramandprocessapplicationsthat had legal authority to back-stop up to $600 billiongrants to restaurants and other establishmentswere previously submitted but not funded. in loans on favorable terms, by the time the programthat sell food and drink to members of theHowever, the fate of the legislation will not ended early this year, it had issued less than $18 billionpublic, the RRF fell short primarily becausebe known until this fall at the earliest. just three percent of the potential capacity. demand far surpassed the funding approved by lawmakers.However,atleast11PVAmembersperseveredand received much-needed assistance from the Fed.PUBLIC TRANSITAs part of three separate coronavirus relief laws enacted inlate2020andearly2021,Congressappropriated $69.5billiontoawardtopublictransitagencies hammered by the fall-offin ridership as a result of the pandemic. Most of that went to bus systems, light rail, subways, and the like, but public transit ferries were alsoeligibleforallocations.Approximately20PVA vessel members operate publicly-owned ferries. Most of them were able to receive portions of the public transit funding directed to their regions.SBAS ECONOMIC INJURY DISASTER (EIDL) PROGRAMTheEIDLProgramisalong-standingmethodby which the U.S. Small Business Administration provides economic help to small businesses adversely impacted by fl oods, hurricanes, wildfi res, and other natural disasters. Since the COVID-19 pandemic is no less of a natural AUGUST 2021 29 LEGISLATIVE REPORT'