The Small Business Administration (SBA) says awards for supplemental funds for Shuttered Venue Operators Grant (SVOG) recipients will begin going out within two weeks. As an awardee of the SVOG, you can now apply for supplemental SVOG funds to alleviate any additional financial hardships brought on by the pandemic.
Supplemental Grants for SVOG Recipients
The SVOG supplemental awards are for businesses that received the grant after the law passed on December 27, 2020. Since that time, the SBA says more than 11,500 venues have received around $9 billion in grants. This supplemental grant is going to be available to you if you can show a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019.
You can apply for any amount up to 50% of the original SVOG amount. However, it does have a $10 million cap of the initial and supplemental awards combined. Additionally, you can use the supplemental funds from the grant for expenses you accumulate through June 30, 2022. Furthermore, it allows you to lengthen your budget period to 18 months from the initial grant’s disbursement date.
The SBA goes on to say if there is not enough funding for all eligible applicants to receive a supplemental award, it will give priority to applicants that have shown the biggest revenue loss in the first quarter of 2021 compared to the first quarter of 2019.
You can go to the SBA page for SVOG to apply. When you get on the page it will say it is no longer accepting applications, but this is for new applications. If you are an active applicant and have received an award, login into your account and proceed.
The Economic Impact of Venue Operators
The economic impact of venue operators in cities big and small is huge. From movie theaters and concert halls to convention centers and stadiums, they employ many people across different industries. And the related businesses they support in communities across the country can’t be understated.
This is especially the case for many small businesses that rely on providing catering, security, janitorial services, and more. When the pandemic shut down these venues, the impact on the small businesses that rely on them was immediate. So, getting this supplemental income to these operators is crucial.
In the release, Matthew Stevens, SBA Shuttered Venue Operators Grant Program Director, said, “We know many of these businesses still need assistance to fully recover from the unanticipated expenses and debt caused by the pandemic.” He goes on to say, “These supplemental grants will go to the hardest-hit Shuttered Venue Operators Grant awardees to ensure they can get back on their feet and get back to the business of driving our nation’s economy.”
Programs to Help Small Businesses
In addition to the SVOG, the SBA has helped millions of businesses. It has provided more than $1 trillion in relief for America’s communities.
You can get more information on the SBA’s Economic Relief programs by visiting COVID-19 relief options.