Small Business Administration Expects to Begin Sending Out Payments Next Week

As BroadwayWorld previously reported, The Small Business Administration recently reopened applications for COVID-19 grants for theaters and live venues. 11,500 applications have been submitted.

Now, Variety reports that the SBA expects to begin sending out payments next week, according to a statement from a rep.

"It is expected SVOG Priority 1 (90% revenue loss) awards will begin next week and, per the statute, continue for 14 days," the rep says. "Following them, the SBA will progress on to processing Priority 2 awards, per fund availability." By that estimate, Priority 2 (70% revenue loss) would begin receiving funds in mid-June, and Priority 3 (25% revenue loss) in late June or July.

"This emergency relief can't come soon enough for those on the precipice of going under," says Audrey Fix Shaefer of the National Independent Venue Association. "We'll be very grateful when the money is distributed as Congress intended. It's been very hard to hold on, but even tougher to plan for reopening without the money to hire back staff, rent venues and secure acts with deposits. It will be incredible when the $16 billion Congress earmarked to save our stages becomes a reality."

Read more on Variety.

A document was released earlier this month that answers frequently asked questions about the SVOG program. These will be updated as new information comes available and additional program details are finalized. Answers span topics including eligibility and qualifications for movie theaters, museums, and live venues. View the full document here.

The Shuttered Venue Operators Grant (SVOG) program is Section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) signed into law on Dec. 27, 2020, and was part of H.R. 133 Consolidated Appropriations Act, 2021.

Venues can apply for aid at https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant