Revenue / 03.24.21
Applications for SVOG Program to Open April 8
Pollstar (03/19/21) Rendon, Francisco
The U.S. Small Business Administration (SBA) announced that applications for the Shuttered Venue Operators Grant (SVOG) program will open on April 8. The program was established after Congress approved the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, incorporating the Save Our Stages Act and allocating $15 billion for the program. Regulations concerning the ability of SVOG applicants to also apply for Paycheck Protection Program loans were tweaked in the American Rescue Plan Act signed into law by President Biden earlier this month, which earmarked another $1.25 billion for the program. "The SBA knows these venues are critical to America's economy and understands how hard they've been impacted, as they were among the first to shutter," stated SBA Administrator Isabella Casillas Guzman. "This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more." In response to the SBA announcement, the National Independent Venue Association declared that "the opening can't come soon enough. The fate of our industry's survival is dependent on it. To say we have been anxiously awaiting the day when we can apply for this emergency relief is an understatement."
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Tags: News , COVID-19 , Coronavirus , Revenue