Previously, Congress approved $15 Billion to be set aside for ailing music venues due to the global Covid-19 crisis. Since then, a few increases have been passed, bringing the total to $16.5+ billion. The assistance is set to be released under the Shuttered Venue Operators Grant or the SVOG for short.
According to the Small Business Administration, the grant was “established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act“. With that being said, the grant includes over $16 billion in grants to shuttered venues and will be administered by SBA’s Office of Disaster Assistance.
Additionally, according to the official website, eligible applicants may qualify for grants equal to 45% of their gross earned revenue. Therefore, the maximum amount of which is available for a single grant award of a whopping $10 million. $2 billion is being reserved for eligible applications with up to 50 full-time employees.
Use of the funds include the following expenses:
The Small Business Administration is administering the fund. Additionally, applications for the Shuttered Venue Operators Grant will be accepted starting April 8, 2021 here. According to the official SBA website: “Those who have suffered the greatest economic loss will be the first applications processed..” Ultimately, the applications will be run under the following schedule:
Furthermore, for more information check out the official Shuttered Venue Operators Grant homepage, here.
H/T – Mixmag