The U.S. Small Business Administration has released new information about supplement awards for the Shuttered Venue Operators Grant (SVOG) program. Per the Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues Act, and the American Rescue Plan signed into law, those who received an initial grant and illustrate a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019 are eligible to receive a supplemental grant. The SBA began issuing supplemental award notifications to eligible applicants September 20-26th, 2021. If your business meets the criteria above, be on the lookout for email communication from the SBA about these supplemental awards.
The supplemental award period remains open, and SBA will continue sending supplemental invitations to eligible SVOG awardees. Applicants can choose to apply for any amount up to 50% of their original SVOG amount, with a $10 million cap of the initial and supplemental awards combined. The supplemental awards also allow SVOG recipients to extend the time to use their grant funds for expenses accrued through June 30, 2022 and lengthen their budget period to 18 months from the initial grant’s award date. SVOG is one of the many programs the SBA has administered during the pandemic and contributed to more than $1 trillion in relief for America’s communities.
Visit With an SBDC Consultant to Learn More
If you have questions about the SVOG program, please schedule a time to meet with our team of Missouri SBDC consultants.