Financial relief is waiting in the wings for a wide range of performing arts venues and organizations across the U.S. that have been negatively impacted by the prolonged coronavirus shutdown.
The Small Business Administration (SBA) will open applications for the Shuttered Venue Operators Grant (SVOG) program on April 8, 2021. Eligible grant recipients include live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators, and talent representatives. The SBA has posted an online matrix with eligibility requirements.
The SVOG received $15 billion as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and an additional $1.25 billion from the American Rescue Plan Act. The grants are designed to provide eligible applicants with funding equal to 45% of the gross earned revenue, with individual grants capped at $10 million. Eligible entities that applied for a Paycheck Protection Program (PPP) loan after Dec. 27, 2020, may also apply for an SVOG, with the eligible entity’s SVOG reduced by the PPP loan amount.
If you have questions about SVOG grant eligibility, documentation requirements or other issues, please contact Gray, Gray & Gray at (781) 407-0300.