Shuttered Venue Operators Grant Program to Begin Soon, $15 Billion Available

Small businesses that operate entertainment venues were among those most devastated financially by the coronavirus pandemic.

There is $15 billion set aside for the Shuttered Venue Operators (SVO) Grant. The grant program was grant program into law December 27, 2020. It is being administered by the Small Business Administration.

The program hasn’t started yet but looks like it will begin soon. The SBA grant program a Preliminary Application Checklist on March 5.

Shuttered Venue Operators Grant Funded with $15 Billion

Applications will be made through the SBA. To date, the SBA is not accepting applications, but should be soon. Your best bet is to monitor the SBA site.

Who Can Get the Shuttered Venue Operators Money?

The grant money will be for: live venue operators, theatrical producters, live performing arts organizations (including non-profits), motion picture theatre operators, talent reps and operators of museums, zoos and aquariums.

When the grant applications and awards begin, the first $2 billion to be awarded is earmarked for venues with 50 or fewer employees.

Conditions for the Shuttered Venue Operators Grants

There are two main conditions:

1. The business must have been in operation as of February 29, 2020.
2. The vendor/promotor must not have applied for or received a Payroll Protection Program (PPP) loan on or after December 27, 2020.

How Much Can You Get? How Will Grant Amounts Be Calculated and Awarded?

Your shuttered venue can be awarded a grant of up to 45% of your 2019 gross revenue, or $10 million, whichever is less.

When the application period opens, here’s how it will go:

1. First Priority Grants – These will go to the venues/operators who have had a 90% loss in revenue during the period from April 2020 through December 31, 2020. The first priority grants will be awarded during the first 14 days.
2. Second Priority Grants – These will go to venues/operators who have had a 70% loss in revenue during the period April 2020 through December 31, 2020. The Second Priority Grants will be awarded during the next 14 days.
3. Third Priority Grants – These will go to venues/operators who have had a 25% loss in revenue during the period April 2020 through December 31, 2020. The Third Priority Grants will be awarded 28 days after the program begins.

While You Wait

Get together all the paperwork you need to prove your loss in revenue from the period April 2020 through December 31, 2020. And work through the SBA’s Shuttered Venue Operators Grant preliminary application checklist.

Image: Depositphotos

This article, "Shuttered Venue Operators Grant Program to Begin Soon, $15 Billion Available" was first published on Small Business Trends