SBA to Accept Shuttered Venue Operators Grant Applications
By Diane Giordano, Partner, Tax & Business Services
The U.S. Small Business Administration (SBA) has announced that it will be opening the Shuttered Venue Operators Grant (SVOG) application portal on Thursday, April 8, 2021.
The SVOG program was designed to help venue operators hit hard by the COVID-19 pandemic. The program encompasses diverse eligibility requirements to accommodate different types of applicants and will provide a lifeline for live venues, museums, and movie theatres.
To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program (PPP), the SVOG program was amended under the American Rescue Plan Act to enable entities applying for a PPP loan after December 27, 2020, to also apply for an SVOG. An eligible entity’s SVOG will be reduced by any PPP loan amount. PPP loan applications have been updated to reflect this.
To prepare for the opening of the SVOG application portal, potential applicants should register now with the System for Award Management (SAM.gov), as this is required in order to receive a grant.
Marcum Observation
More information about the Shuttered Venue Operators Grant Program, eligibility requirements, and the application process can be found on the SBA’s recently launched splash page at sba.gov/svogrant, which includes frequently asked questions as well as video tutorials.
If you have any questions about this program, please review the SBA website or contact your Marcum Tax advisor.
Coronavirus Resource Center
Have more questions about the impact of the coronavirus on your business? Visit Marcum’s Coronavirus Resource Center for up-to-date information.
