Revenue / 03.17.21
Shuttered Venue Grants Are Coming in April, After a Long Wait
National Public Radio (03/11/21) Limbong, Andrew
The U.S. Small Business Administration has promised that the prolonged wait for federal grants for closed entertainment venues allocated under the Save Our Stages Act will finally end by "early April." The agency said the Web portal for applications should be up by then. The Shuttered Venue Operators Grant (SVOG) will be open not only to music venues, but also to small movie theaters, museums, live theater venues, and zoos and aquariums. Colorado Independent Venue Association Chairman Chris Zacher notes that the SVOG will apportion money based on tiers. A business that has lost at least 90% of its revenue is prioritized, which means even though applications may open April 1, a venue on a later tier might not be permitted to apply until May. "You're looking at six months almost after the act was signed into law before some of these venues are going to be able to apply," Zacher said. Meanwhile, there is no assurance of enough funding to cover every business in need.
Read the full story from National Public Radio.
Tags: News , Venues , COVID-19 , Coronavirus , Revenue