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$15 billion in pandemic relief for Shuttered Venue Operators coming soon

[1]Applications will open soon for the $15 billion Shuttered Venue Operators (SVO) Grant program, administered by the SBA and created by the December 2020 Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.  Funds are expected to be exhausted quickly, so it’s suggested SVOs check the SBA website daily [2] and be prepared to submit their request as soon as applications open.

Eligible entities include:

Other requirements of note:

Grant amount will be either:

Priority will be given based on percentage of revenue lost during the eligible time periods:

First Priority

1st 14 days of grant awards

Entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.

Second Priority

Next 14 days of grant awards

Entities that suffered a 70% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.

Third Priority

Beginning 28 days after First & Second Priority Awards are made

Entities that suffered a 25% or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020.

Supplemental Funding

Available after First & Second Priority

Recipients of First and Second Priority round who suffered a 70% or greater revenue loss for the most recent calendar quarter (as of 04-01-21 or later)

Note: On January 20, 2021, SBA updated the proposed plan for issuing Shuttered Venue Operators Grants during the first and second priority periods. To clarify, priority awardees will not need to satisfy the small employer set-aside. During the first 59 days of opening the SVO Grants, SBA will reserve no less than $2 billion of program funding for grants to entities that have no more than 50 employees.

For more information, visit the SBA SVO Grant FAQ document [3] or contact a ShindelRock tax professional [4].