(CelebrityAccess) — After months of delays, the Small Business Administration announced that the Shuttered Venue Operators Grant (SVOG) program will begin accepting grant applications beginning on April 8th.
The program aims to distribute more than $16 billion to financially backstop independent music venues, as well as other public gathering places such as museums and movie theaters who have been impacted by the COVID-19 pandemic. Grants are also available for theatrical producers, talent representatives, promoters, and performing arts organizations.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Funds can be used for a variety of purposes, including rent, payroll, utility payments, scheduled debt payments, administrative costs, and worker protection costs.
As well, restrictions on grant eligibility for recipients of loans through the Payroll Protection Act were also loosened as part of a $1.9 trillion stimulus act passed earlier this month. The stimulus package also
The SVOG was created as part of the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act signed into law in December that included elements of the proposed Save Our Stages act. The American Rescue Plan Act, signed into law by President Joe Biden on March 11, 2021, appropriated an additional $1.25 billion, bringing the program funding to a total of $16.25 billion, with more than $16 billion allocated for grants, and loosened restrictions on eligibility for entities that have received loans through the Paycheck Protection Act.
Prior to the official SVOG application opening, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30, 2021.
For more information, or to request notification when the grant application window opens, check here: http://svograntportal.sba.gov/s/
The National Independent Venue Association applauded the announcement of the grant application process opening and provided a statement:
“We realize this is an enormous undertaking for the SBA and we appreciate everything the agency is doing to ensure this program is administered as Congress intended as expeditiously as possible. The opening can’t come soon enough. The fate of our industry’s survival is dependent on it. To say we have been anxiously awaiting the day when we can apply for this emergency relief is an understatement.”
