8/27/2021
The U.S. Small Business Administration announced it will begin sending invitations for supplemental awards for the Shuttered Venue Operators Grant program.
Shuttered Venue Operators Grant supplemental awards are to be provided to recipients of an initial grant having a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019, per the Economic Aid to Hard-Hit Small Businesses, Non-profits and Venues Act. About $9 billion has been awarded to 11,500 venues in initial SVOGs so far, helping theaters, live venue spaces, and other entertainment and cultural hubs recover from the pandemic.
“The SBA has awarded approximately $9 billion in crucial relief to approximately 11,500 performing arts venues and other related businesses so they can continue to anchor our neighborhoods and define our communities. We know many of these businesses still need assistance to fully recover from the unanticipated expenses and debt caused by the pandemic,” SBA Shuttered Venue Operators Grant Program Director Matthew Stevens said. “These supplemental grants will go to the hardest-hit Shuttered Venue Operators Grant awardees to ensure they can get back on their feet and get back to the business of driving our nation’s economy.”
Supplemental award applicants can apply for any amount up to 50% of their original SVOG amount, with a $10 million cap of the initial and supplemental awards combined. The supplemental awards allow SVOG recipients to extend the time to use their grant funds for expenses accrued through June 30, 2022 and lengthen their budget period to 18 months from the initial grant’s disbursement date.
If funding is not available for all those eligible to receive a supplemental award, priority will be given to applicants who have the greatest revenue loss in the first quarter of 2021 compared to the first quarter in 2019.
Shuttered Venue Operators Grant Background
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and the American Rescue Plan Act appropriated $16.2 billion to the SVOG program, with at least $2 billion reserved for applications with up to 50 full-time employees. Eligible applicants could qualify for grants equal to 45% of gross earned revenue, up to a maximum of $10 million for a single grant.
Source: Small Business Administrations News Release Number: 21-75