Over 7,750 independent venues and talent organizations have successfully submitted applications for Shuttered Venue Operators Grants, according to the Small Business Administration. After one week of the grant’s application opening, 4,227 venues and promoters have applied for funding, as well as 1,135 talent representatives and 2,389 live performing arts organizations.
The SBA stated they begin reviewing applications upon receipt and that those who qualify as SVOG Priority One applicants — entities that lost 90% or more of their income in 2020 – “will receive notice of awards this month and disbursement by the end of May if they respond in a timely manner to the notice of award.”
Priority One venues will be allotted funds for the first 14 days of award disbursement. The following 14 days, funds will be allocated to businesses that lost 70% or more of their revenue in 2020 (Priority Two). After 14 days of Priority Two funding, businesses that lost 25% or more of their revenue due to the pandemic (Priority Three) will be awarded. Given a timeline provided Tuesday (May 4) by the SBA, Priority Two and Three will most likely receive relief funds in June.
According to federal grant award policies, the SBA will reach out to award recipients as soon as the final award decisions are made. The SBA will then send a Notice of Award, which serves as a legally binding issuance of the award. Once venues sign the agreement and accept the funds, they are obligated to carry out the full terms and conditions of the agreement. Venues will need to keep documentation of how they used the funds, as well as retain employment records for four years following their receipt of a grant and retain all other records for three years.
Shuttered Venue Operators Grants are available to more than just the live music industry. A total of 10,300 entities have submitted applications, including 1,362 motion picture theaters, 665 theatrical producers and 522 museum operators. An additional 12,238 applications have been started in the portal but not yet completed for SBA review.
Link to the source article – https://www.billboard.com/articles/news/9567342/shuttered-venue-operator-grants-first-week-application-statistics/