On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA) was signed into law. Section 324 of Title III of the CAA, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Hard Hit Act”), introduces a new $15 billion grant program through which the U.S. Small Business Administration will provide aid to struggling live venue operators and related businesses.
The Shuttered Venue Operators (SVO) Grant will allow eligible organizations the opportunity to receive a grant up to $10 million.
Eligible Entities:
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Relevant museum operators, zoos, and aquariums who meet specific criteria
- Motion picture theater operators
- Talent representatives, and
- Each business entity owned by an eligible entity that also meets the eligibility requirements
How to Prepare
- Register for a DUNS number so you can then register in the System for Award Management (SAM.gov).
- Gather documents that demonstrate your number of employees and monthly revenues so you can calculate the average number of qualifying employees you had over the prior 12 months.
- Determine the extent of gross earned revenue loss you experienced between 2019 and 2020.
- Gather additional information such as floor plans, contract copies, and other evidence will be needed to apply for an SVOG.
For questions or assistance, please contact your Trout CPA professional.
