- The Shuttered Venue Operators Grant program has approved 90 awards as of Wednesday, while 4,661 applications are under review
- A total of 14,020 applications have been submitted, requesting $11.4 billion
- Current requests have come in below the funding allocated for the program, and the U.S. Small Business Administration continues to accept applications
Summary by Dirk Langeveld
The U.S. Small Business Administration has started the process of distributing funds through its Shuttered Venue Operators Grant program, although the rollout is proceeding slowly. The SBA’s latest report shows that 90 grants have been awarded as of Wednesday, up 40 from the previous week, while 4,661 applications are under review.
The SVOG program is designed to benefit a variety of arts and cultural organizations, including live venues, performing arts organizations, movie theaters, museums, and talent representatives. Qualifying organizations will receive grants equal to 45 percent of their gross earned revenues, capped at $10 million
- The SBA is in its first of three priority periods for the program, focusing on businesses that suffered a revenue loss of at least 90 percent between April 2020 and December 2020
- 14,020 applications have been submitted, requesting $11.4 billion
- The awards that have been distributed so far total $127.9 million, with the an average grant of $1.42 million
- Live venue operators and promoters have been the chief beneficiaries in early awards, with 48 of these businesses receiving a grant
- Four grants totaling $1.36 million have been approved for Connecticut businesses
- The SBA is still accepting applications for the program, as current requests have come in under the $16.2 billion in approved funds
