The U.S. Small Business Administration (SBA) has set April 8 as the date it will begin accepting applications for the Shuttered Venue Operators Grant (SVOG) program.
In a news release, the SBA said it has launched a splash page for the new SVOG application portal. Venue operators and other entities interested in applying for an SVOG can sign up to receive email notifications by going to the splash page and clicking on the red sign-up box, which is shown in the screenshot below.
The SBA will host a free national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30. Venue operators interested in participating can register here.
The SBA also recommended that potential SVOG applicants register at SAM.gov for the federal government’s System for Award Management (SAM). Applicants must have a SAM registration to receive an SVOG. The SBA recommended in late January that potential applicants obtain a Dun & Bradstreet (DUNS) number, which is required to register in the SAM system.
The SVOG program was created when the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260, was signed into law in late December. The Economic Aid Act appropriated $15 billion to the program, which is designed to provide eligible applicants with grants equal to 45% of their gross earned revenue, up to a maximum of $10 million.
The American Rescue Plan Act, P.L. 117-2, which became law March 11, appropriated an additional $1.25 billion to the SVOG, bringing the program’s funding to a total of $16.25 billion. More than $16 billion of the funding is set aside for grants.
The American Rescue Plan Act also amended the SVOG program so entities that apply for a Paycheck Protection Program (PPP) loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. An interim final rule released Thursday codified those changes with additional details.
Entities eligible to apply for an SVOG include live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators, and talent representatives. Earlier this week, the SBA updated a matrix with eligibility requirements.
“The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant,” newly confirmed SBA Administrator Isabella Casillas Guzman said in the news release.
More information on the SVOG, including video tutorials, is available on a dedicated website.
AICPA experts discuss the latest on the PPP and other small business aid programs during a virtual town hall held every other week. The webcasts, which provide CPE credit, are free to AICPA members and $39.99 for nonmembers. Go to the AICPA Town Hall Series webpage for more information and to register. Recordings of Town Hall events are available to view for free on AICPA TV.
The AICPA’s Paycheck Protection Program Resources page houses resources and tools produced by the AICPA to help address the economic impact of the coronavirus.
Accounting firms can prepare and process applications for the PPP on the CPA Business Funding Portal, created by the AICPA, CPA.com, and fintech partner Biz2Credit.
For more news and reporting on the coronavirus and how CPAs can handle challenges related to the outbreak, visit the JofA’s coronavirus resources page or subscribe to our email alerts for breaking PPP news.
— Jeff Drew (Jeff.Drew@aicpa-cima.com) is a JofA senior editor.