- SVOG Applications open on April 8
- Who qualifies, how to apply, and qualified expenses breakdown
- Are PPP recipients eligible for SVOG?
The Shuttered Venues Operators Grant (SVOG) was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act with the purpose of financially assisting business owners of shuttered venues. SVOG seeks to provide such venues with a cash flow of up to 45% of their gross earned revenue. The program encompasses $16 Billion in grants to be administered among several other COVID-19 relief funds from the SBA.
Applications for the SVOG open on April 8 and can be completed online.
Live venue operators/promoters such as live performing arts organization operators, theatrical producers, museum operators, motion picture theater operators, talent reps, etc. that were in operation as of February 29, 2020.
How Will The Grant Be Distributed?
- First Priority: First 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 and second priority rewards are made
- Entities that suffered a 25% or greater earned revenue loss between one quarter of 2019 and the corresponding quarter of 2020
- Supplemental Funding: Available after all priority periods have passed
- Recipients of first, second, and third priority round awards who suffered a 70% or greater revenue loss for the most recent calendar quarter (as of April 1, 2021, or later)
What Can SVOG Funds Be Used For?
Eligible expenses include all operating costs such as payroll, rent, utility payments, and other such maintenance costs. Scheduled mortgage, debt, and insurance payments may also be eligible. Costs on personal protective equipment can also be covered with loan money.
Are PPP Recipients Eligible for SVOG?
Yes. If your businesses received a PPP loan, the SVOG amount will be reduced by your PPP loan amount.
To get started with your SVOG application, call our experts on DSJCPA’s Coronavirus Response Team at 516-541-6549 and visit our website for more information.