Indie Music Venues, Agents hopeful as SBA begins taking SVOG applications at Noon ET today
Independent live music venues, promoters, agents and managers are holding their breath and checking their paperwork as the SBA begins accepting applications for $16.2 billion in Shuttered Venue Operators Grants at 12 PM ET today.
The U.S. Small Business Administration is set to open the Shuttered Venue Operators Grant (SVOG) application portal today, Thursday April 8 at 12 PM ET for “operators of live venues, live performing arts organizations, museums and movie theatres, as well as live venue promoters, theatrical producers and talent representatives” to apply for grants after being shut down over year ago due to the COVID-19 pandemic.
Passage of the legislation and how the grants will be awarded to independent live music business has been shaped by the National Independent Venue Association (NIVA) and the National Independent Talent Organization (NITO) alongside more traditional stakeholders like the National Endowment for the Arts.
“Concerts, plays, dance performances, movie premieres, museum exhibits – these are the lifeblood of culture and community, and often the anchor for travel, tourism and neighborhood food and retail stores. We know that for the stage and venue operators across the nation that help make this culture happen, the pandemic has been devastating,” said SBA Administrator Isabella Casillas Guzman.
Who Is Eligible?
Of the $16.2 billion on SVOG funds available at least than $2 billion is reserved for applications with up to 50 full-time employees. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue up to a maximum amount of $10 million for a single grant.
Large corporate players in the space including Live Nation and AEG are not eligible to to recieve SVOG grants.
The SBA is accepting SVOG applications on a first-in, first-out basis with the first 14 days of awards, which are expected to begin in late April, going to entities that suffered a 90% or greater revenue loss between April and December 2020 due to the COVID-19 pandemic.
The second 14 days (days 15-28) will include entities that suffered a 70% or greater revenue loss between and then SVOG awards will include entities that suffered a 25% or greater loss.