11:59 p.m. EDT on January 14, 2021
- To receive responses on applications as quickly as possible, applicants should submit their web-based application form no later than 11:59 p.m. EDT on January 14, 2021. Applications received after 11:59 p.m. EDT on January 14, 2021 will be considered, but may not be processed as quickly.
11:59 p.m. EDT on January 25, 2021
- Applications received after 11:59 p.m. EDT on January 25, 2021, may not be considered, although Treasury may, at its discretion and subject to the availability of funds, consider such applications.
GUIDELINES & APPLICATION
The Treasury released on December 29th a set of streamlined guidelines and application procedures for this second round of PSP payments. These guidelines can be found here:
The Treasury has now opened the online portal for applications in this second round of PSP. That portal can be found here:
KEY APPLICABLE LAW EXCERPTS
The new law directs the Treasury Secretary to: “provide financial assistance […] to a contractor in an amount equal to—
(A) the amount such contractor was approved to receive (without taking into account any pro rata reduction) under section 4113 of the CARES Act (15 U.S.C. 9073); or
(B) in the event such contractor did not receive assistance under section 4113 of the CARES Act (15 U.S.C. 9073), an amount that the contractor certifies, using sworn financial statements or other appropriate data, as the amount of wages, salaries, benefits, and other compensation that such contractor paid the employees of such contractor during the period from October 1, 2019, through March 31, 2020.”
As for the procedural question of how the assistance will be distributed, the law stipulates that “Financial assistance provided to a passenger air carrier or contractor under this subtitle shall—
(i) be, to the maximum extent practicable, in the same form and on the same terms and conditions (including requirements for audits and the clawback of any financial assistance provided upon failure by a passenger air carrier or contractor to honor the assurances specified in section 404), as agreed to by the Secretary and the recipient for assistance received under section 4113 of the CARES Act (15 U.S.C. 9073), except if inconsistent with this subtitle; or
(ii) in the event such a passenger air carrier or a contractor did not receive assistance under section 4113 of the CARES Act [financial assistance shall] be, to the maximum extent practicable, in the same form and on the same terms and conditions […] as agreed to by the Secretary and similarly situated recipients of assistance under such section 4113 [of the CARES Act].”