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Shuttered Venue Operator Grant Portal to open 4/24/21 at 12:30 pm EDT
TAX ALERT |
Authored by RSM US LLP
According to the Small Business Administration (SBA), the long-awaited and unexpectedly delayed Shuttered Venue Operator Grant (SVOG) Portal will open tomorrow, Saturday, April 24, 2021, at 12:30 pm EDT. Plagued by technical issues, the SBA closed the SVOG Portal the same day it opened earlier this month. If not already registered, applicants may continue to register for an application portal account.
In anticipation of the SVOG Portal reopening, the SBA released updated FAQs, with over 50 new or updated questions and answers, and an updated applicant user guide, which reflects a revised SVOG application. The SBA also recommends that potential applicants create an account prior to the launch of portal and review the checklist to identify needed documentation and support to complete the application.
Background
The SVOG program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for grants equal to 45% of their earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Eligible entities include live venue operators or promoters, theatrical producers, live performing arts organization operators, relevant museum operators, motion picture theater operators (including owners), and talent representatives. Each category has its own set of additional requirements.
Other requirements include that the applicant must have been in operation as of Feb. 29, 2020. Furthermore, if an applicant received a PPP loan (whether first or second draw) on or after Dec. 27, 2020, the SVOG award will reduced by the PPP loan amount.
Further details about the program can be found in the FAQs and on the SBA’s website.
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This article was written by Alexandra Mitchell, Chad Wernimont, Ryan Corcoran , Debbie Singer and originally appeared on 2021-04-23.
2020 RSM US LLP. All rights reserved.
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