Ongoing Shuttered Venue Supplementary Grants Program
“The SBA has provided approximately $ 9 billion in critical assistance to approximately 11,500 performing arts venues and other related businesses so they can continue to anchor our neighborhoods and define our communities. We know that many of these businesses still need help to fully recover from the unforeseen expenses and debt caused by the pandemic, ”program director SBA Shuttered Venue Operators Grant. Matthew Stevens said in a statement. “These additional grants will go to the hardest-hit Shuttered Venue Operators scholarship winners to ensure they can get back on their feet and get back to boosting our country’s economy.”
The additional scholarships also allow SVOG grantees to extend the time limit for using their grant funds for accrued expenses until June 30, 2022 and extend their budget period to 18 months from the date of disbursement of the grant. initial grant.
If sufficient funding is not available for all eligible entities to receive an additional scholarship, priority will be given to applicants who experienced the greatest loss of income in the first quarter of 2021 compared to the first quarter of 2019. With 9 billion of the $ 16.2 billion. for grants awarded, approximately $ 7 billion remains for additional grants. If applicants are only allowed to receive 50% of their original scholarship, there could be up to $ 2.5 billion left after the additional grants end.
Applicants should visit their program portal and follow the instructions to accept or decline the additional grant. The SBA will review the entities’ first quarter revenue for 2021 to decide who will receive the funding. The SBA says those invited to apply for additional grants can expect the grants to start rolling out within two weeks.
Since the Shuttered Venue Operators Grants program was enacted in December, independent venues, cinemas and more live event businesses have struggled to generate substantial revenue for the majority of 2021. Of the over 17 600 applications submitted for SVOG, just over 4,100 were refused. About 13% or just over 1,300 applications are still under review by the SBA.