This week, the U.S. Small Business Administration will open the portal to apply for the Shuttered Venues Operators Grant through its website (sba.gov) which will allow many businesses hit so hard over the last year to apply for much needed funding. So, I thought this week’s blog needed to focus on some basic information to be sure Lubbock venues know where to go and how to begin the application process for this important funding if you’ve not already.
Lubbock’s incredible museums, live music venues, and theatres are much of what makes our community rich and vibrant. Lubbock Cultural Arts Foundation’s mission is to cultivate and champion the arts in our community. The impact of the pandemic on many venues has been devastating, but this funding can help many. When the portal opens April 8, here are a few things to know about this mammoth relief program which includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance throughout the country.
According to the sba.gov, “Eligible applicants may qualify for grants equal to 45% of their gross 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.”
Are you eligible? If you fall within one of the following areas, and were operational February 29, 2020, you are eligible to apply for funds:
- 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
- Talent representatives
- Each business entity owned by an eligible entity that also meets the eligibility requirements.
It is important to note, if you received a PPP loan on or after December 27, 2020, you will have the SVOG reduced by the PPP loan amount.
The Small Business Administration website has excellent information, guidelines and video tutorials. They are also the site which will have the portal to apply. You can visit their site at https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant
Be sure to visit the site immediately and begin reading and understanding the guidelines and how to apply so you can be successful at acquiring some of this funding as we begin the road to recovery from an unprecedented time.