SBA Venue Grants Portal, Finally Working, Receives 17,000 Applications in 24 Hours
SBA Venue Grants Portal, Finally Working, Receives 17,000 Applications in 24 Hours
By Susan Elliott
Musical America
April 28, 2021
The gremlins are reportedly gone, and the website for the Small Business Administration’s Shuttered Venue Operators Grant (SVOG) has been up and running smoothly since Monday. The original opening date was April 8, but, bringing to mind the early days of the Affordable Care Act application process, the website crashed almost immediately, having been overwhelmed by applications from a field in need of urgent support.
Overwhelmed no more, the SBA reported on Tuesday that more than 17,000 applications had been opened in the first 24 hours of the portal opening. Nearly 8,000 of those have been completed and submitted. The rest have at least been started.
The SVOG program was appropriated more than $16.2 billion via the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and the American Rescue Plan Act. Of these funds, $2 billion is reserved for applicants with up to 50 full-time employees. Eligible applicants may qualify for grants equal to 45 percent of their gross earned revenue up to a maximum amount of $10 million for a single grant.
As the awards begin to role out, probably in late May, the first 14 days will prioritize entities that suffered a 90 percent or greater revenue loss between April and December 2020 due to the COVID-19 pandemic. The second 14 days will address applicants that suffered a 70 percent or greater loss between April and December 2020. Thereafter, the priority becomes entities that suffered a 25 percent or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020.
From the horse’s mouth: In preparation for the application portal reopening, the SBA recommends eligible applicants take the following actions:
Register on the portal in advance. Applicants will need a smartphone and a multi-factor authenticator app to register and apply;
Review the SVOG Frequently Asked Questions and Applicant User Guide; and Prepare required documentation, per the Application Checklist.
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