SVO Shuttered Venues Operator Grant
The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance. At least $2 billion is reserved for eligible applications with up to 50 full-time employees. Awareness of the program availability, eligibility requirements, and documentation preparation will be critical to ensuring an equitable distribution of SVO Grants. Information should be shared with those that operate or promote live venues or theatrical productions, or are live performing arts organization operators, museum operators, motion picture theatre operators, or talent representatives that have been negatively impacted by COVID-19. The Shuttered Venue Operators (SVO) Grant program is a grant, and does not require repayment. Applicants must prove they meet eligibility requirements and submit the requested supporting documentation. It covers a longer period than PPP and allows for a broader use of funds. Grant recipients will be required to document appropriate use of funds. The application date open has not yet been determined as the SBA continues to develop program guidelines, application materials, detailed eligibility guidelines, and open a direct portal. SBA will hold a pre-application webinar prior to opening the applicant portal and will make clear necessary supporting documentation as this develops. SBA will be developing detailed guidance on PPP and SVOG overlap, along with a matrix to compare terms between PPP, EIDL, and SVOG. SBA recommends that potential applicants calculate the percentage of revenue loss between April 2020 and December 2020 compared to the same period in 2019, gather supporting documentation, and develop a list of proposed eligible expenditures.
For more information go to: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/shuttered-venue-operators-grant
For a video introduction go to: https://www.youtube.com/watch?utm_medium=email&utm_source=govdelivery&v=PdfQGb6z-gg&feature=youtu.be