SBA sending invitations for venues to increase their SVOG grants

The U.S. Small Business Administration is going to send invitations to apply for more money to entertainment venues that have received money under the Shuttered Venue Operators Grants (SVOG) program. Under provisions of the Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues Act, SVOG supplemental awards are being offered to those who received an initial grant and have illustrated a 70 percent loss when comparing 2021’s first-quarter revenues to the same in 2019. Thus far, approximately $9 billion has been awarded in initial SVOGs to more than 11,500 venues, including theaters, live venue spaces and other entertainment and cultural hubs as they recover from the pandemic.

“Utah entertainment venues have seen over $115 million of SVOG relief,” said Marla Trollan, SBA Utah district Director. “We worked closely with these organizations and know that these funds were a lifeline for their business. We understand it isn’t just their business on the line, in many instances, these businesses and nonprofits are the heart of the community and many other businesses depend on them being able to pull through this economic setback.”

“The SBA has awarded approximately $9 billion in crucial relief to approximately 11,500 performing arts venues and other related businesses so they can continue to anchor our neighborhoods and define our communities,” said SVOG Program Director Matthew Stevens. “We know many of these businesses still need assistance to fully recover from the unanticipated expenses and debt caused by the pandemic. These supplemental grants will go to the hardest-hit Shuttered Venue Operators Grant awardees to ensure they can get back on their feet and get back to the business of driving our nation’s economy.”

Supplemental award applicants can choose to apply for any amount up to 50 percent of their original SVOG amount, with a $10 million cap of the initial and supplemental awards combined, according to the law. The supplemental awards also allow SVOG recipients to extend the time to use their grant funds for expenses accrued through June 30, 2022, and lengthen their budget period to 18 months from the initial grant’s disbursement date.

More information on the SVOG program can be found at www.sba.gov/local-assistance.