The U.S. Small Business Administration open the Shuttered Venue Operators Grant (SVOG) application portal.
Operators of live venues, live performing arts organizations, museums and movie theaters, as well as live venue promoters, theatrical producers and talent representatives can apply for critical economic relief.
Those eligible entities were some of the first that had to close a year ago in response to the COVID-19 pandemic.
The SVOG program was appropriated more than $16.2B for grants via the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and American Rescue Plan.
- Of these funds, at least $2B is reserved for eligible SVOG applications with up to 50 full-time employees.
- Eligible applicants may qualify for grants equal to 45% of their gross earned revenue up to a maximum amount of $10 million for a single grant.
- The SBA is accepting SVOG applications on a first-in, first-out basis and allocating applicants to respective priority periods as it receives applications.
- The first 14 days of SVOG awards, which are expected to begin in late April, will be dedicated to entities that suffered a 90% or greater revenue loss between April and December 2020 due to the COVID19 pandemic.
- The second 14 days will include entities that suffered a 70% or greater revenue loss between April and December 2020.
- Following those periods, SVOG awards will include entities that suffered a 25% or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020.
To meet IRS requirements, a unique SVOG 4506-T is required for the SVOG application and you can find that fillable document at www.sba.gov/svograntunder Supplemental Documents. A video tutorial is also provided to guide you through it.
The SBA has created several tools and resources to help potential SVOG applicants prepare, including:
- Video tutorials, including how to register on the System for Award Management (SAM.gov), a federal requirement to receive an SVOG
- A Preliminary Application Checklist to help you gather documents and other information that may be needed
- An Eligibility Requirements Chart to help determine qualifications
Prior to the opening for SVOG applications, the SBA hosted a national informational webinar to highlight the application process for potential eligible entities. Watch a recording here:
You can also view frequently asked questions, additional video tutorials, an application checklist, eligibility requirements and more at https://sba.gov/svogrant
Do you have questions about the SVOG? The Illinois SBDC at Illinois Hispanic Chamber of Commerce (IHCC) can help small business owners navigate the changes. There is no cost for our expert services. For more information, contact us:
BY EMAIL: info@ihccbusiness.net
BY PHONE: (312) 425-9500