SBA Opens Shuttered Venue Operators Grants Program For Theatres Impacted By COVID-19
The Small Business Administration (SBA) has opened its Shuttered Venue Operators Grant (SVOG) application portal Thursday to help live venues that were impacted by the COVID pandemic.
Live performing arts organizations, museums, movie theatres, live venue promoters, theatrical producers, talent representatives, and any entity that had to close its doors due to the pandemic is eligible to receive grants.
“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,” SBA Administrator Isabella Casillas Guzman said in a release. “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 has been infused with $16.2 billion via the American Rescue Act and Economic Aid to Hard Hit Small Businesses Nonprofits and Venues Act. At least $2 billion is reserved for eligible SVOG applications with up to 50 full-time employees. Eligible applicants can apply for grants equal to 45% of their gross earned revenue up to $10 million for a single grant.
SBA applications will be accepted on a first in, first out basis. The first two weeks of the program will be dedicated to venues that suffered a 90% or greater revenue loss between April and December 2020 due to the pandemic.
The second two-week period will be dedicated for venues that suffered a 70% loss or greater and the third two-week period will be for venues that suffered a 25% of greater revenue loss between one quarter in 2019 and the corresponding quarter in 2020.
