SBA to accept “Shuttered Venue Operators Grant” applications beginning April 8, 2021
SBA to accept “Shuttered Venue Operators Grant”
The Small Business Administration (SBA) announced the launch of a portal for accepting “Shuttered Venue Operators Grant” (SVOG) applications beginning April 8, 2021.
The SVOG program provides relief to entities such as live venues and live performing arts organizations, museums, and theatres that have encountered financial challenges because of the coronavirus (COVID-19) pandemic. The SVOG program—like the Paycheck Protection Program (PPP)—is administered by the SBA to provide up to $10 million in funding for certain eligible entities.
Read the SBA announcement about the April 8th launch of the portal for SVOG applications.
Read also more information from the SBA about the SVOG program:
- SVOG FAQs [PDF 61 KB] (updated March 22, 2021, and previously updated to reflect measures included in the American Rescue Plan Act of 2021 (Pub. L. No. 117-2) (the “Rescue Act”))
- Eligibility requirements [PDF 152 KB] (updated March 16, 2021)
- Preliminary application checklist [PDF 137 KB] (updated March 11, 2021)
Before the Rescue Act (enacted March 11, 2021), entities were not eligible for the SVOG if they filed an application or received support under the PPP after December 27, 2020. If the venue operator received PPP funding earlier than December 27, 2020, the eligibility for the SVOG was not affected. The Rescue Act revised the rules to allow PPP recipients to be eligible for grants under the SVOG program (but SVOG recipients are not eligible for PPP loans).
Read more about the SVOG program: TaxNewsFlash
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
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