SBA LIVE VENUE RELIEF
The Small Business Administration reopened applications last Saturday for a program dedicated to provide relief grants to distressed movie theaters, legit playhouses, and other live event venues. The funding was included in President Joe Biden’s $1.9 trillion stimulus package. The application was supposed to open earlier this month however, it was delayed due to a technical glitch in the portal.
Barb Carson, the deputy associate administrator of the SBA’s office of disaster assistance, said in a statement, “We recognize the urgency and need to get this program up and running. With venue operators in danger of closing, every day that passes by is a day that these businesses cannot afford. We remain dedicated to delivering emergency aid as quickly as possible and will begin reviewing the applications on Saturday as they are submitted.” The SBA has since addressed the issues along with improving security mechanisms and updating application features.
Who qualifies?
Eligible entities include:
o Live venue operators or promoters
o Theatrical producers
o Live performing arts organization operators
o Museum operators
o Motion picture theater operators (including owners)
o Talent representatives
Other requirements of note:
o Must have been in operation as of February 29, 2020
o Venue or promoter who received a PPP loan on or after December 27, 2020, will have the SVOG reduced by the PPP loan amount
What is the grant amount?
Grant amounts will reflect either of the following instances:
o For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
o For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.
Entities that have suffered a 90% or greater gross revenue loss between April 2020 and December 2020 due to the COVID-19 pandemic will have first priority in the first 14 days of grant awards, followed by those with 70% or greater loss and 25% or greater loss. After that, supplemental funding will be available to recipients of first, second, and third priority awards who have suffered a 70% or greater revenue loss for the most recent calendar quarter.
source: sba.gov
