SBA Awards More Than $7.5 Billion in Shuttered Venue Operator Grants, Will Offer Appeal Period
The U.S. Small Business Administration (SBA) recently announced it has awarded more than $7.5 billion in Shuttered Venue Operator Grants (SVOGs) to about 10,000 eligible entities.
The $16.25 billion program provides eligible applicants with grants equal to 45 percent of their gross earned revenue, with a maximum of $10 million. Nearly 15,500 applications have been submitted by live venue operators and other arts organizations. Nearly two-thirds of the awards have gone to entities with fewer than 10 employees. As of July 26, the SBA has rendered a decision on 95 percent of the applications it has received, and more than 2,700 applications have been declined.
With requests for only $12 billion of the $16.25 billion in SVOG funding submitted, the SBA is providing opportunities for applicants to appeal grant denials, request award reconsiderations and seek supplemental funding. The period to appeal rejected applications will be Aug. 2-16, while entities that received less funding than anticipated can apply for reconsideration Aug. 4-18. If funds still remain, the SBA will then open the program to supplemental SVOGs for 50 percent of the original award amount for grantees, with the total award remaining capped at $10 million.
The SVOG was created by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260, which provided $15 billion to the SVOG. The program received another $1.25 billion after the American Rescue Plan Act, P.L. 117-2, became law in March.
For more information about the award reconsideration and appeal programs, visit the SVOG FAQs on the SBA website.