Operators of various entertainment venues can apply for a new grant Thursday through the U.S. Small Business Administration, the administration announced.
The “Shuttered Venue Operators Grant” (SVOG) application portal will officially launch Thursday, April 8 at 12 p.m. EDT, the SBA announced Wednesday night. The grant applies to operators of live venues, live performing arts organizations, museums and movie theatres, as well as live venue promoters, theatrical producers and talent representatives.
In a press release, the SBA noted entertainment venues were “some of the first that had to shutter their doors a year ago in response to the COVID-19 pandemic”.
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“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. 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 program was appropriated more than $16.2 billion for grants through the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and the American Rescue Plan Act, according to the SBA. Of those 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% of their gross earned revenue up to a maximum amount of $10 million for a single grant.
Applications are being accepted on a ‘first-in, first-out’ basis, according to the SBA. The first two weeks 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 two weeks will include entities that resulted in a 70% or greater revenue loss between April and December 2020. Following those periods, grants will include entities that suffered a 25% or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020.
The portal will be available here on Thursday, April 8 at 12 p.m.