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:
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:
Ruth Madrigal | +1 202 533 8817 | firstname.lastname@example.org
Preston Quesenberry | +1 202 533 3985 | email@example.com
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.