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SBA Administrator Announces New Shuttered Venue Operators Grant Milestone: Supplemental Awards Begin
09/28/2021
[ Article was originally posted on www.sba.gov ] Per the Economic Aid to Hard-Hit Small Businesses, Non-profits and Venues Act, and the American Rescue Plan signed into law by President Joe Biden, those who received an initial grant and illustrate a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019 are eligible to receive a supplemental grant. “America’s performing arts venues and related businesses have been among the hardest-hit during this pandemic. Our SBA team has helped approximately 12,000 of these treasured community institutions secure a combined $10 billion to weather this crisis and build back better,” SBA Administrator Isabella Casillas Guzman said. “The majority of the Shuttered Venue Operators Grants have gone to businesses with 50 employees or less – which means we’re reaching our smallest businesses, who suffered disproportionate impacts from the pandemic and were often left out of early rounds of relief. My vision for the SBA is that we make all of America’s small businesses, including the smallest venues and entertainment businesses, feel like the giants they are in our economy, and our SVOG program is a great example of how we’re doing just that.” Among the thousands of venues that received grants were community venues Off Broadway St. Louis and Mulcahy’s Pub and Concert Hall in Wantagh, New York, which shared how SBA’s support is helping their family businesses survive. Steve Pohlman, co-owner of Off Broadway St. Louis said, “When the pandemic hit, business stopped cold. We didn't have a real show for 16 months, and for most of that time, we were completely closed. We first started working with the SBA through the Paycheck Protection Program. We were about to run out of funds again when the Shuttered Venue Operators Grant program was launched. We would not have survived without the SBA’s assistance.” Tim Murray and his father, John, owners of Mulcahy’s Pub and Concert Hall added, “To run a venue of this size there is a tremendous amount of overhead. Without the SVOG, we would not know where we would be today – the debt might have been too large to get out from. Various stakeholders, from Senate Majority Leader Schumer to advocacy organizations, were crucial to getting this funding appropriated for shuttered venues; and the SBA processed and funded applications to keep our hard-hit businesses alive during the COVID pandemic. Without everyone’s joint efforts – and that of thousands of venues across the country – many of us would no longer be in business.” The supplemental award period remains open, and SBA continues sending supplemental invitations to eligible SVOG awardees. Applicants can choose to apply for any amount up to 50% of their original SVOG amount, with a $10 million cap of the initial and supplemental awards combined, according to the law. The supplemental awards also allow SVOG recipients to extend the time to use their grant funds for expenses accrued through June 30, 2022 and lengthen their budget period to 18 months from the initial grant’s award date. SVOG is one of the many programs the SBA has administered during the pandemic and contributed to more than $1 trillion in relief for America’s communities. For additional information on SBA’s Economic Relief programs, visit COVID-19 relief options. Further, the SBA’s resource partners, including SCORE Mentors, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers, are available to provide entities with individual guidance on their applications. Applicants can find a local resource partner via a zip code search at http://www.sba.gov/local-assistance. For weekly SVOG funding data reports, visit www.sba.gov/svog. ### Shuttered Venue Operators Grant backgroundThe SVOG program was appropriated more than $16.2 billion for grants via the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the American Rescue Plan Act. Of these funds, at least $2 billion is reserved for eligible SVOG applications with up to 50 full-time employees. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue up to a maximum amount of $10 million for a single grant. About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. Back To News |
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