- U.S. Small Business Administration opening grant program for arts and cultural organizations today at noon
- Qualifying applicants can receive grants based on their gross earned revenue
- Awards will be given out starting later this month, with priority given to applicants that have suffered the steepest revenue losses during the COVID-19 pandemic
Summary by Dirk Langeveld
Qualifying arts and cultural organizations can begin submitting applications for the Shuttered Venue Grant Operators program beginning at noon today.
The program, which was established under the Economic Aid Act in December, will provide funds to entities such as live venue operators, performing arts organizations, museums, movie theaters, and individual recipients such as talent representatives. The U.S. Small Business Administration says these entities have suffered major revenue losses during the COVID-19 pandemic, as they were forced to close early and have been limited in their earnings since last spring. A total of $16.2 billion is available, with $2 billion reserved for applicants with up to 50 full-time employees.
Recipients may qualify for grants equal to 45 percent of their gross earned revenue, up to $10 million. Grants are allocated on a first-in, first-out basis, but entities that suffered the steepest revenue losses between April and December will receive the first awards, which are set to go out later this month. Priority will first go to entities that suffered revenue losses of 90 percent or more, followed by those that lost 70 percent or more and finally those with losses of 25 percent or more.
The U.S. Small Business Administration is overseeing the program. Applicants can access the SVOG portal here, review frequently asked questions here, and find a necessary IRS form here.
