Introduction
2023 has been a challenging year for venues across the United States. With the pandemic still ongoing, many venues had to shut down or operate at limited capacity. To help these struggling businesses, the Small Business Administration (SBA) launched the Shuttered Venues Operators Grant (SVOG) program. In this article, we will discuss what venues need to know about the SVOG program in 2023.
What is the SVOG Program?
The SVOG program is a federal grant program that provides financial assistance to live venue operators, theatrical producers, live performing arts organization operators, museum operators, and movie theater operators. The program was created to provide economic relief to these businesses that have been hit hard by the pandemic. The SVOG program provides grants of up to $10 million per business.
Who is Eligible for the SVOG Program?
To be eligible for the SVOG program, businesses must have been in operation as of February 29, 2020, and must have experienced a revenue loss of at least 25% due to the pandemic. Businesses that have received Paycheck Protection Program (PPP) loans are still eligible for the SVOG program, but the amount of the PPP loan will be deducted from the SVOG grant amount.
How to Apply for the SVOG Program?
The SVOG program is administered by the Small Business Administration (SBA). Applications for the program can be submitted through the SBA's website. The SBA will review the applications on a first-come, first-served basis, with priority given to businesses that have experienced the greatest revenue loss. Businesses are encouraged to apply as soon as possible.
What Can the SVOG Grant be Used For?
The SVOG grant can be used for a variety of expenses, including payroll costs, rent, utilities, and personal protective equipment. The grant can also be used to cover the cost of independent contractors and other expenses related to the operation of the business. However, the grant cannot be used to purchase real estate or pay off loans that were taken out after February 15, 2020.
What Happens After You Apply for the SVOG Program?
After you apply for the SVOG program, the SBA will review your application and determine if you are eligible for the grant. If your application is approved, you will receive the grant amount within a few weeks. If your application is denied, you can appeal the decision or reapply for the program if you believe you are eligible.
Conclusion
The SVOG program is a crucial lifeline for struggling venues across the United States. If you are a live venue operator, theatrical producer, live performing arts organization operator, museum operator, or movie theater operator, you should consider applying for the program as soon as possible. The grant can provide much-needed financial assistance to help your business survive during these challenging times.
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