The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, 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 (SBA) Office of Disaster Assistance. The SBA is in the process of setting up the grant program and is not yet accepting applications.
The SBA launched a splash page for the Shuttered Venue Operators Grant (SVOG) application portal in anticipation of opening grant applications for the critical economic relief program on Thursday, April 8, 2021. The SBA will host a national informational webinar to highlight the application process for potential eligible entities on Tuesday, March 30, 2021.
To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program (PPP), the American Rescue Plan Act amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020 can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this change. However, under the law, entities will be ineligible for a PPP loan after they receive an SVOG.
Eligible applicants may qualify for SVOG Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.