The Small Business Administration (SBA) announced Tuesday that they have awarded more than $7.5 billion in Shuttered Venue Operator Grants (SVOG) to approximately 10,000 live entertainment venues, small businesses, and non-profits.
The SVOG Program, which was funded at $16 billion, provides eligible applicants with grants equal to 45% of their gross earned revenue, up to a maximum of $10 million. Eligible applicants include operators of live venues, live performing arts organizations, museums, and movie theaters, as well as live venue promoters, theatrical producers, and talent representatives.
Almost 15,500 SVOG applications have been submitted to the SBA, seeking a total of $12 billion in funding. Nearly two-thirds of the grants have been awarded to businesses with less than 10 employees.
With funds remaining in the $16 billion program, the SBA is now providing opportunities for applicants to appeal grants that had previously been denied, request award reconsiderations, and seek supplemental funding. The SBA will allow a 2-week period for applicants to appeal rejected applications, from August 2-16, 2021. Applicants that received less funding than they applied for may seek reconsideration of their grant between the dates of August 4-18, 2021.
The latest program details can be found on the SBA’s most recent SVOG FAQ document.
If you have questions about the SVOG, leave a comment below or feel free to contact me directly, I’m happy to help.