The Small Business Association (SBA) released several documents with additional information about the Shuttered Venue Operators Grant (SVOG) Program on March 5, 2021. These documents include:
Unfortunately, a date has not yet been released on when the SVOG program will begin accepting applications.
If your venue (i) falls into one of the categories covered by SVOG, (ii) was operational as of Feb. 29, 2020, and (iii) had a decline in revenue of at least 25% in any quarter of 2020 compared to the same period in 2019, you should review the linked documents above. The FAQ and Eligibility Requirements break down the requirements for each category of venue operator (live venues, movie theaters, museums, promoters), and provides helpful guidance on what types of costs are allowed and disallowed under the Economic Aid Act. The Eligibility Requirements, a two-page table detailing how the program will work, are especially helpful.
Since the SVOG applications are not yet open, the Preliminary Checklist will give you an idea of what documents you need to gather in preparation for the portal’s opening. Key items that are necessary with the application include: (i) a written statement of need and assurance, (ii) corporate organizational documents, (iii) an employee list, (iv) tax returns for 2019 and 2020, (v) other financial statements, and (vi) a copy of the state or local orders which prevented the venue from operating. Specific venue types will have additional, venue-specific documents to prepare and provide with the application.
For further information, please contact any member of Taft’s SBA Task Force.
Please visit our COVID-19 Toolkit for all of Taft’s updates on the coronavirus.