The U.S. Small Business Administration has launching a splash page for the Shuttered Venue Operators Grant (SVOG) application portal in anticipation of opening applications for the much-anticipated critical economic relief program on Thursday, April 8, at noon.
“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. Today, with more than $16.2 billion available through the Shuttered Venue Operators Grants, help is here,” said SBA Administrator Isabella Casillas Guzman. “The SBA is committed to moving as quickly as possible to deliver this vital funding effectively and equitably – ensuring relief goes to those venue operators whose revenues have been most impacted by the pandemic.”
The SVOG program was appropriated more than $16.2 billion for grants via the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and the American Rescue Plan Act. Of these funds, at least $2 billion is reserved for eligible SVOG applications with up to 50 full-time employees. Eligible applicants may qualify for grants equal to 45 percent of their gross earned revenue up to a maximum amount of $10 million for a single grant.
The SBA is accepting SVOG applications on a first-in, first-out basis and allocating applicants to respective priority periods as it receives applications. The first 14 days of SVOG awards, which are expected to begin in late April, will be dedicated to entities that suffered a 90% or greater revenue loss between April and December 2020 due to the COVID-19 pandemic. The second 14 days (days 15-28) will include entities that suffered a 70 percent or greater revenue loss between April and December 2020. Following those periods, SVOG awards will include entities that suffered a 25 percent or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020.
The Mass Small Business Development Network is offering a webinar, “Getting Relief for Shuttered Venue Operators,” Tuesday, April 20, from 10 to 11 a.m. This webinar will provide:
- Program Overview
- Benefits and Purpose
- Eligibility Requirements
- How Funds Can be Used
- Available Grant Amounts
- Application Process
