- U.S. Small Business Administration announces it has started supplemental award notifications for its Shuttered Venue Operators Grant program
- Additional grants supporting the hardest-hit venues among previously approved recipients
- As of Sept. 20, the SBA had awarded $9.7 billion of the $16.2 billion available in the program
Summary by Dirk Langeveld
The U.S. Small Business Administration has started its supplemental award notifications for applicants in its Shuttered Venue Operators Grant program, which was set up to aid arts and cultural organizations that suffered severe revenue losses due to the COVID-19 pandemic.
As of Sept. 20, the SBA had awarded 11,966 grants totaling $9.7 billion and averaging $811,000 per grant. The agency had received 17,643 applications seeking $13.3 billion, but declined 4,773 of them.
SVOG, which is funded with $16.2 billion, is designed to assist organizations such as live venue operators and promoters, performing arts organizations, and movie theaters with grants equal to 45 percent of their gross earned revenue. The program has closed to new applicants, with supplemental awards going to those that suffered the worst revenue losses during the pandemic.
“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,” said SBA Administrator Isabella Casillas Guzman.
- Supplemental grants are available to applicants who received an initial grant and show a revenue loss of at least 70 percent when comparing 2021’s first quarter revenues with the same period in 2019
- Applicants can seek up to 50 percent of their original award, although their is a $10 million cap for the combination of their original and supplemental awards
- The supplemental awards also allow SVOG recipients to extend the time to use their grant funds for expenses accrued through June 30, 2022, and to lengthen their budget period to 18 months from the initial grant’s award date
- SBA says 90 percent of awards have gone to entities with fewer than 50 employees; latest report shows that these entities account for $5.6 billion
- 141 recipients in Connecticut had received $102.41 million through the program
