PROVIDENCE – The U.S. Small Business Administration has opened the application portal for the federal Shuttered Venue Operators Grant program, the administration announced Thursday.
The program, which has received $16.2 billion in funding, is designed to aid operators of live venues, live performing arts organizations, museums and movie theaters, and live venue promoters, theatrical producers and talent representatives.
Eligible applicants may qualify for grants equal to 45% of their 2019 gross earned revenue up to a maximum of $10 million in a single grant. The SBA noted that if an entity applied and was approved for a Paycheck Protection Program loan prior to Dec. 27, 2020, it is eligible to apply for an SVOG but will not be eligible for a PPP loan after receiving grants from SVOG. Prior to the passage of the American Rescue Plan Act, entities were ineligible to receive both forms of funding. Grant recipients that did receive a PPP loan will see their SVOG reduced by the PPP loan amount.
The first two weeks of the SVOG program will be dedicated to entities that suffered a 90% or greater loss of revenue between April and December 2020 due to the COVID-19 pandemic. The second two weeks will include entities that experienced a 70% or greater revenue loss between April and December 2020. Following those two periods, the program will include entities that experienced a 25% or greater revenue loss between one quarter in 2019 and the corresponding quarter of 2020.
Of the total funds allocated to the program, $2 billion is reserved for eligible entities with up to 50 full-time employees.
“Concerts, plays, dance performances, movie premieres, museum exhibits – these are the lifeblood of culture and community, and often the anchor for travel, tourism and neighborhood food and retail stores,” said SBA Administrator Isabella Casillas Guzman in a statement. “We know that for the stage and venue operators across the nation that help make this culture happen, the pandemic has been devastating. Too many have been forced to lower the final curtain on their businesses.”
The SBA said it will process applications on a first-in, first-out basis, allocating applicants to their respective priority periods as it receives applications.
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