New $16B SBA Grant Helps Kansas City Venues That Shuttered Due to COVID-19David Cawthon
Venue operators, promoters, museums, movie theaters and more who are seeking relief have a new opportunity through the Shuttered Venue Operators Grant, or SVOG.
The U.S. Small Business Administration just launched a page where you can sign up to be notified when the grant application will open on April 8, 2021.
The recent Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act established SVOG. A total of $16.25 billion is appropriated for the program, with more than $16 billion allocated for grants.
“The SBA knows these venues are critical to America’s economy and understands how hard they’ve been impacted, as they were among the first to shutter,” says SBA Administrator Isabella Casillas Guzman. “This vital economic aid will provide a much-needed lifeline.”
Who can apply
Venues or promoters that are eligible must have been in operation as of Feb. 29, 2020. Also, those who received a PPP loan on or after Dec. 27, 2020 will have the SVOG reduced by the PPP loan amount.
So who’s eligible?
Live venue operators or promoters
Live performing arts organization operators
Relevant museum operators, zoos and aquariums who meet specific criteria
Motion-picture theater operators
Each business entity owned by an eligible entity that also meets the eligibility requirements
Important steps you can take now
As the SBA builds and prepares to open the program, the dedicated SBA website, sba.gov/svogrant, which includes frequently asked questions, video tutorials and other SVOG details, is the best source for information for those who want to apply.
Also, to make sure you’re ready before the SVOG application portal opens April 8, register in the federal government’s System for Award Management (that’s SAM.gov). Why? You’ll have to do this anyway to receive a venue grant. After that, reference the preliminary application checklist and eligibility requirements.
Lastly, to make sure that your venue doesn’t miss a window to receive assistance through the Paycheck Protection Program, know that if you apply for a PPP loan after Dec. 27, 2020, you can also apply for a SVOG. But note that if you are eligible and approved, what you receive through PPP will reduce the amount you receive through SVOG. PPP loan applications are now updated to reflect this change.
Here’s a recorded version of the SVOG webinar, in case you missed it.