SBA to Offer Supplemental Grants to Venue Operators
WASHINGTON, D.C. – The Small Business Administration will accepting applications for supplemental grants through the Shuttered Venue Operators Grant program after the current round of funding ends Aug. 20.
New applications for the grants will only be accepted through the end of the day Aug. 20. Later this month, the agency will open the program for supplemental grants for 50% of the original award amount, up to $10 million across both grants. Venues that do get approved for grants before the deadline will not be able to apply for the supplemental grants.
As part of the new grant program, the SBA is allowing applicants to ask the agency to reconsider award amounts and appeals.
“This rare opportunity gives applicants a chance to prove their eligibility and reverse a prior decision,” the agency said in a statement. “SBA is committed to delivering relief to entertainment venues through these various options.”
Details about applying for supplemental grants will be made available later this month.
Shuttered Venue Operator Grants are open to live venue operators, theatrical producers, live performing arts organizations, museum operators, move theater owners and operators and talent representatives. Organizations must have been in operation as of Feb. 29, 2020.
Grants will equal 45% of gross earned revenue, up to $10 million. Borrowers that also received a Paycheck Protection Program loan will have that amount deducted from their grant.
More information about the grant and applications can be found HERE.
So far, the Shuttered Venue Operator Grant program has awarded $8.4 billion to more than 10,800 businesses.
Copyright 2023 The Business Journal, Youngstown, Ohio.