Shuttered Venue Grant open following delays
The US Small Business Administration’s portal for the Shuttered Venue Operators Grant went live today (Monday, April 26), ending a string of delays.
After a months-long wait following its creation in December, the application portal went live on April 8, only to be taken down hours later because of technical issues.
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.
As a reminder, the grant is but one of several financial lifelines available to businesses struggling because of the COVID-19 pandemic. Visit our website at www.resumemchenrycounty.com
for a list of links to help you navigate available federal and state assistance.