The SBA has two new targeted grant programs scheduled to open in early April. The Shuttered Venue Operators Grant and Restaurant Revitalization Fund will be open only to eligible shuttered venues and restaurants.
The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. Eligible entities include:
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.
Other requirements of note:
Must have been in operation as of February 29, 2020.
Venue or promoter who received a PPP loan on or after December 27, 2020, will have the SVOG reduced by the PPP loan amount.
Grant amounts will reflect either of the following instances: For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.
SBA is building the grant program and expects to open applications in early April. For more information on eligibility for the Shuttered Venue Operators Grant please visit the SBA Shuttered Venue Operators (SVO) program page.
The VA SBDC webinar covers how applicants can prepare for the Shuttered Venue Operators Grant application that is currently scheduled to open in early April. While all the details for the program have not been finalized, there are some advance steps that businesses may need to do now to better prepare them for the application process. View recording: https://www.youtube.com/watch?v=TkHMP5WvKsE or watch here:
Questions? Schedule an appointment with one of our business advisors.