Revenue / 02.03.21
SBA Offers Guidance on Aid to Shuttered Entertainment Venues
Accounting Today (02/01/21) Cohn, Michael
The U.S. Small Business Administration (SBA) has published preliminary guidance on a new federal program to financially aid playhouses, museums and other venues closed due to the COVID-19 pandemic. The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act was included in a stimulus package passed by Congress in December, allocating $15 billion to support performance spaces, entertainment and cultural venues, theater operators, producers and others. The funds in the Shuttered Venue Operator Grants (SVOG) could give these venues a much-needed lifeline. "Eligible entities may be live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators, and talent representatives, per the Economic Aid Act," the SBA stated. "Additionally, entities of these types owned by state or local governments (for example, museums or historic homes) are eligible to apply if the governmentally-owned entity also acts solely as a venue operator, museum, etc. and not also include other types of entities." The guidelines continue that "each subsidiary business owned by an eligible entity that also meets the eligibility requirements on its own rights will qualify as an eligible entity." A qualifying business is required to have been in operation as of Feb. 29, 2020, although the timing of the funds' availability remains unspecified. "The SBA is working expeditiously to open SVOG applications and encourages you to stay up to date by frequently visiting www.sba.gov/coronavirusrelief for information," the administration advises.
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Tags: News , Venues , COVID-19 , Coronavirus