The Shuttered Venue Operators Grant (SVOG), a program established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, makes $15 billion in grants available to eligible shuttered venues through the SBA.
Eligible entities in operation on January 1, 2019, may qualify for grants equal to the lesser of 45% of their gross earned revenue OR $10 million. Eligible applicants that began operation after January 1, 2019, may receive grants equal to the lesser of average monthly gross revenue for each full month in operation during 2019 multiplied by six OR $10 million.
Eligible entities must have been in operation as of February 29, 2020, and include:
- live venue operators or promoters;
- theatrical producers;
- live performing arts organization operators;
- relevant museum operators, zoos, and aquariums who meet specific criteria;
- motion picture theater operators; and
- talent representatives.
Eligibility also extends to business entities that are owned by an eligible entity and meet the eligibility requirements.
Venues or promoters that received a PPP loan on or after December 27, 2020, are not eligible to apply. Entities cannot apply for a PPP loan and SVOG at the same time; however, if and when rejected by one program, the entity may apply for the other program at that time.
Detailed SVOG program information, including full eligibility, allowable uses for funds, and how to apply, may be found on the SBA website. Additional information of note may be found in the SBA’s SVOC FAQ Document.
by David Jean, CPA, CCIFP, CExP
David Jean is a firm principal and the Practice Leader for ARB’s Business Advisory, Construction & Real Estate, and Succession Planning Services Groups. David focuses primarily on financial accounting and consulting for construction, real estate, and manufacturing companies. He is a member of The Certified Public Accountant Advisory Council, an exclusive, 10-member council formed to serve as the resource team for the National Association of Surety Bond Producers (NASBP).