Shuttered Venue Operators Grant Program Opens April 8
AAFCPAs would like to make clients aware that the U.S. Small Business Administration (SBA) will accept applications for the Shuttered Venue Operators Grant (SVOG) program beginning April 8th, 2021. Eligible entities include live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators*, motion picture theater operators, and talent representatives.
*The Act defines museums as: a public, tribal, or private nonprofit agency or institution organized on a permanent basis for essentially educational, cultural heritage, or aesthetic purposes, that utilizes a professional staff, owns or utilizes tangible objects, cares for the tangible objects, and exhibits the tangible objects to the public on a regular basis. This term includes museums that have tangible and digital collections, and includes aquariums, arboretums, botanical gardens, art museums, children’s museums, general museums, historic houses and sites, history museums, nature centers, natural history and anthropology museums, planetariums, science and technology centers, specialized museums, and zoological parks.
The SVOG program was created in December 2020 as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260. The Act appropriated an initial $15 billion to the SVOG program, and the American Rescue Plan Act, P.L. 117-2 of 2021 appropriated an additional $1.25 billion.
Clients are encouraged to reach out to your AAFCPAs Partner to determine eligibility, and to ensure you are optimizing all of the available relief programs, including the Paycheck Protection Program (PPP), the Employee Retention Tax Credit (ERTC), and the SVOG program. Note: You are eligible to apply for a SVOG if you received a PPP loan, but are ineligible to apply for PPP after you receive a SVOG. We encourage you to speak to your AAFCPAs partner about the coordination of the programs for the most significant impact.
What You Need to Know:
- Applicants are advised to register with the System for Award Management (SAM); SAM.gov is an official website of the U.S. government. Applicants must have a SAM registration in order to receive a SVOG. Applicants must also have a Dun & Bradstreet (DUNS) number to register in the SAM system.
- The SVOG program is designed to provide eligible applicants with grants equal to 45% of their gross earned revenue, up to a maximum of $10 million.
- The business must have been in operation as of February 29, 2020.
- The SBA has developed a preliminary application checklist to help businesses gather specific documents needed.
- The SBA maintains comprehensive FAQs on the SVOG program, and updates the FAQs as new information becomes available and additional program details are finalized.
- Businesses may sign up for the application portal here.>>
The SBA is offering an informational webinar on Tuesday, March 30, 2021, 2:30 – 4 pm EDT to provide additional insight on the application process. Learn more.>>
The SBA published Eligibility Requirements on its website, and specified that a business must satisfy all applicable requirements per category.
AAFCPAs’ COVID-19 Task Force will continue to provide guidance and valuable insights as more information becomes available about the SVOG and other financial relief programs. If you have any questions, please contact Carla McCall, CPA, CGMA, at 774.512.4049, email@example.com; or your AAFCPAs Partner.