Shuttered Venue Operators Grant
The Shuttered Venue Operators Grant (SVOG) program will offer much-needed grant funding to select COVID-19 impacted businesses. Grants will equal to 45% of eligible small business’ gross earned annual revenue, with the maximum amount of $10 million.
To be eligible the business must have been in operation as of February 29, 2020, and operate in select industries including live venue operators or promoters, theatrical producers, live performing arts organization operators, motion picture theater operators and talent representatives. Funds may be used for “ordinary and necessary business” expenses including payroll (employees and 1099’s), rent/mortgage, utilities, insurance, worker protection expenditures, and state and local taxes and fees.
While the SVOG application platform is not yet live, the US Small Business Administration (SBA) recommends you do the following to be ready to apply:
Gather documents that demonstrate number of employees and monthly revenues to calculate average number of qualifying employees over the prior 12 months
Determine the extent of gross earned revenue loss you experienced between 2019 and 2020.
Compile floor plans, contract copies and other evidence needed to apply for an SVOG
Please review the SBA's FAQ document for guidelines defined to date, including that “if an entity applied and was approved for a PPP loan prior to Dec. 27, 2020, it is eligible to apply for an SVOG.”