After a shaky start, the SBA’s Shuttered Venue Operators Grant went live today. Keep reading to learn more about this interesting initiative, from who can apply for the grant to how you are allowed to spend the funds.
Who Can Apply for the Grant?
The businesses and entities that can apply for the Shuttered Venue Operators Grant include:
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Museum operators
- Motion picture theater operators (including owners)
- Talent representatives
It is worth noting that the businesses that apply for the grant must have been in operation as of February 29, 2020. Additionally, the venues or promotes who were granted a PPP loan on or after December 27, 2020, will have their grant reduced by the PPP loan amount.
How Much Could You Receive?
When it comes to the amount of the grant, there are two basic scenarios, as follows:
- For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue or $10 million, whichever is less.
- For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six or $10 million, whichever is less.
How Can You Use the Funds From the Grant?
The funds from the grant may be used for specific expenses only:
- Payroll costs
- Rent payments
- Utility payments
- Scheduled mortgage payments (not including prepayment of principal)
- Scheduled debt payments (not including prepayment of principal on any indebtedness incurred in the ordinary course of business prior to February 15, 2020)
- Worker protection expenditures
- Payments to independent contractors (not to exceed $100,000 in annual compensation for an individual employee of an independent contractor)
- Other ordinary and necessary business expenses, including maintenance costs
- Administrative costs (including fees and licensing)
- State and local taxes and fees
- Operating leases in effect as of February 15, 2020
- Insurance payments
- Advertising, production transportation, and capital expenditures related to producing a theatrical or live performing arts production. (May not be primary use of funds)
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