Shuttered venue grants are (finally) on their way
After a string of delays, awards for the Shuttered Venue Operators Grant are finally starting to roll out, Small Business Administration Administrator Isabel Guzman testified before the House Small Business Committee last week.
Congress and former President Trump approved the $15 billion program last December. After a months-long wait – which the SBA said was needed to set up the program – the application portal went live on April 8, only to be taken down hours later; it finally went live on April 26.
The grant is targeted to help the live entertainment industry, which has been hit hard by COVID-19 closures and capacity limitations. Eligible businesses open to music venues, live theater venues, museums, small movie theaters, zoos, aquariums and other attractions. A total of $16.25 billion has been set aside, at least $2 billion of which is set aside for venues with no more than 50 employees.
Applicants can qualify for grants equal to 45 percent of their gross earned revenue. Entities that suffered the greatest economic loss will have top priority, starting with those that suffered a 90 percent or greater revenue loss between April and December 2020. Entities that suffered 70 percent or greater loss will have second-tier priority, and those that suffered 25 percent or greater loss will have third-tier priority.
Grant funds can be used to cover payroll, rent, utilities, scheduled mortgage payments, worker-protection expenditures, and other expenses. Any venue or promoter that received a Paycheck Protection Program loan on or after Dec. 27, 2020, will have their grant reduced by the PPP loan amount. Click here
for a list of frequently asked questions regarding the grant.