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SBA

Mar 6, 2021 by DianeN

DEADLINE MAR 15 FOR NONPROFITS TO SUBMIT DISASTER LOANS FROM STORM ISAIAS

The U.S. Small Business Administration (SBA) is reminding eligible Private Nonprofit organizations (PNPs) in Connecticut of the March 15 deadline to submit disaster loan applications for physical damages caused by Tropical Storm Isaias on Aug. 4, 2020. PNPs located in Fairfield, Hartford, Litchfield, Middlesex, New Haven, New London, Tolland and Windham counties, and the Mashantucket Pequot Indian Tribe and Mohegan Tribe of Indians in Connecticut are eligible to apply. Examples of eligible non-critical PNP organizations include, but are not limited to food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at  DisasterLoan.sba.gov.  Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339) for the deaf and hard-of-hearing) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster.

DISASTER FACT SHEET

Filed Under: Featured Tagged With: DISASTER LOAN, nonprofits, SBA, TROPICAL STORM ISAIAS

Feb 15, 2021 by DianeN

TARGETED EIDL ADVANCE GRANTS FROM SBA

Many of you have asked about this program and are waiting to get your invitation.  We are being told that SBA is still sending out emails to targeted businesses in low income areas that applied for the EIDL Advance when it first was created last spring.  If you applied for this before December 27 and received an amount less than $10,000 and you are located in a low income area, you may get an invitation to apply for the remainder up to $10,000.  The email will be from SBA.   Keep watching.  If you did not apply before, you will not be eligible.

EIDL Advance funds were originally calculated based on the number of employees indicated on an applicant’s COVID-19 EIDL application: $1,000/employee, up to a maximum of $10,000.

  • EIDL Advance does not have to be repaid.
  • Recipients did not have to be approved for an EIDL loan to receive the EIDL Advance.
  • The amount of the loan Advance was deducted from total loan eligibility.
  • Businesses who received an EIDL Advance in addition to the Paycheck Protection Program (PPP) loan will no longer have the amount of the EIDL Advance subtracted from the forgiveness amount of their PPP loan.

If you already applied for PPP loan forgiveness and had the amount of your EIDL Advance subtracted from the forgiveness amount, updated guidance will be published soon.

EIDL loan applications are still being processed, even though applications for the Advance are no longer available.

Please do not submit additional applications on the COVID-19 EIDL portal.

COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.

Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

Applicants do not need to take any action at this time.
SBA will reach out to those who qualify.

SBA will first reach out to EIDL applications that already received a partial EIDL Advance (between $1,000 – $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.

All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do not send sensitive information via email to any address that does not end in @sba.gov.

Applicants may qualify if they:

  • Are located in a low-income community. The definition of a “low-income community” is defined in section 45D(e) of the Internal Revenue Code. Note that the applicant must be located in a low-income community in order to qualify. Additional details on how SBA will identify low-income communities will be available soon on our Coronavirus Relief Options page; AND
  • Can demonstrate more than 30% reduction in revenue during an 8-week period beginning on March 2, 2020, or later. If an applicant meets the low-income community criteria, they will be asked to provide gross monthly revenue (all forms of combined monthly earnings received, such as profits or salaries) to confirm the 30% reduction.

Next, SBA will reach out to those who applied for EIDL assistance on or before December 27, 2020, but did not receive an EIDL Advance due to lack of program funding. These applicants will receive an email from SBA with instructions to determine eligibility and submit documentation. Applicants may qualify for a Targeted EIDL Advance if they meet the above criteria (low-income location and reduction in revenue) AND:

  • Have 300 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. Agricultural enterprises are not eligible.

All applicants may be asked to provide an IRS Form 4506-T to allow SBA to request tax return information on the applicant’s behalf.

Please do not submit duplicate COVID-19 EIDL applications. Only prior applicants will be considered for the Targeted EIDL Advance.

SBA will reach out to you if you qualify!

Frequently Asked Questions about the Targeted EIDL Advance

Filed Under: COVID-19, Grants & Funding Tagged With: ADVANCE, COVID, disaster, SBA, TARGETED EIDL

Feb 15, 2021 by DianeN

SBA HAS ECONOMIC INJURY DISASTER LOANS TO COVER LOSS OF REVENUE

The SBA currently has a loan called Economic Injury Disaster Loan that you can apply to if your business has a loss of revenue due to COVID.  These loans are very low interest and have had deferred payments for most of the last year (you have not had to start paying them back because of the pandemic).  If you need money to pay your bills this is a good option.  Below is information from the SBA.  You will apply to the SBA for this loan HERE.

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.

Frequently Asked Questions about COVID-19 EIDL Loans

PURPOSE

To meet financial obligations and operating expenses that could have been met had the disaster not occurred

TERMS

  • 3.75% for businesses (fixed)
  • 2.75% for nonprofits (fixed)
  • 30 years
  • No pre-payment penalty or fees

USE OF PROCEEDS

Working capital and normal operating expenses

Example: continuation of health care benefits, rent, utilities, fixed debt payments.

COLLATERAL REQUIREMENTS

  • Required for loans over $25,000
  • SBA uses a general security agreement (UCC) designating business assets as collateral, such as machinery and equipment, furniture and fixtures, etc.

FORGIVABLE

  • NO – EIDL Loan
  • YES – EIDL Advance*

*Advance funds have been fully allocated and are not currently available

MATURITY

30 years

PAYMENTS

Deferred one year; interest still accrues
Borrower may make payments if they choose to do so.

Set up online payments through Pay.gov OR mail payments to:

U.S. Small Business Administration
721 19th Street
Denver, CO 80202

Be sure to include EIDL loan number on mailed-in checks.

SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.

If you have already applied via the streamlined application portal, please do not resubmit your application.

Loan eligibility

Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.

Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.

Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and the Economic Injury Disaster Loan Program

Frequently Asked Questions Regarding Agricultural and Farm Loan Collateral Security and the SBA Economic Injury Disaster Loan Program (EIDL)

Cross Program Eligibility on SBA Coronavirus Relief Options

Filed Under: COVID-19, Grants & Funding Tagged With: COVID, disaster, EIDL, grant, loan, SBA

Feb 15, 2021 by DianeN

SHUTTERED VENUES OPERATORS GRANT

The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

ELIGIBILITY

You are eligible to apply if you are a:

  • Live venue operator or promoter
  • Theatrical producer
  • Live performing arts organization operator
  • Relevant museum operator, zoo and aquarium who meets specific criteria
  • Motion picture theater operator
  • Talent representative, and

Each business entity is owned by an eligible entity that also meets the eligibility requirements

Other requirements of note:

  • Must have been in operation as of Feb. 29, 2020
  • Venue or promoter must not have received a PPP loan on or after Dec. 27, 2020

GRANT BASICS:

We will update as additional eligibility guidelines are published by the Small Business Administration who administers the program.

If the eligible entity was in operation on 1/1/2019:

How Much: The lesser of an amount equal to 45% of their 2019 gross earned revenue OR $10 Million

If the entity was in operation after 1/1/2019:

How Much: The lesser of the average monthly gross revenue for each full month you were in operation during 2019 multiplied by 6 OR $10 Million

HOW DO I APPLY?

The SBA is in the process of setting up the grant program and is not yet accepting applications. There is, however, an order of priority to assist the smallest and most impacted businesses first. The order is as follows:

First Priority

(1st 14 days of grant awards)

Entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the pandemic.

Second Priority

(next 14 days of grant awards)

Entities that suffered a 70% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.

Third Priority

(28 days after First & Second Priority Awards are made)

Entities that suffered a 25% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.

Unrestricted

(61 days after initial grant awards)

Eligible entities of any size that suffered a 25% or greater revenue loss

FOR ENTITIES WHO QUALIFIED FOR FIRST & SECOND PRIORITY ROUNDS

After the First & Second Priority Rounds, those entities will be able to apply for additional funding if they can demonstrate suffered a 70% or greater revenue loss for the most recent calendar quarter (as of 04-01-21 or later)

ALLOWABLE USE OF FUNDS

  • 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 02-15-20)
  • Worker protection expenditures
  • Payments to independent contractors (not to exceed $100K in annual compensation per contractor)
  • Other ordinary and necessary business expenses, including maintenance costs
  • Administrative costs (incl. fees and licensing)
  • State and local taxes and fees
  • Operating leases in effect as of 02-15-20
  • 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.)

Grantees may not use award funds to:

  • Buy real estate
  • Make payments on loans originated after 02-15-20
  • Make investments or loans
  • Make contributions or other payments to, or on behalf of, political parties, political committees, or candidates for election
  • Any other use prohibited by the Administrator

Grantee Recordkeeping

Grantees will be required to maintain documentation demonstrating their compliance with the eligibility and other requirements of the program. They must retain employment records for four years following their receipt of a grant and retain all other records for three years.

MORE SPECIFIC INFORMATION ABOUT THIS GRANT:

On 22 January 2021, the U.S. Small Business Administration (SBA) posted preliminary guidance relating to Shuttered Venue Operator grants (SVO grants). The SVO grant program was enacted by sections 278(d) and 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the EAA).

Although the SBA has not yet released regulations and the web page provides only high-level information, the page does offer some insight on the SBA’s initial approach to the SVO program. This alert highlights some of the key terms of the grant program as defined in the EAA and areas where the SBA’s web page suggests potential divergence from the EAA. Information contained in this alert is based on the plain language of the EAA and is subject to change depending on the content of the Interim Final Regulations (IFRs) eventually issued by the SBA.

SHUTTERED VENUE OPERATOR GRANTS

The SVO grant program allocates US$15 billion in grant funding to be administered by the Office of Disaster Assistance for operators of live venues such as concert halls, certain museums, and other related businesses such as movie theaters.  For eligible entities, the grants offered by the SVO program may provide a more attractive lifeline than the forgivable loans offered through the Paycheck Protection Program (PPP loans). One point of potential divergence from the statute pertains to SVO grant eligibility. Although the plain language of the EAA states that eligible entities that have received PPP loans on or after 27 December 2020 are ineligible for SVO grants, the SBA has indicated on its website and in FAQs published through the website, that merely applying for a PPP loan after 27 December 2020 will disqualify an eligible entity from participation in the SVO grant program unless and until the PPP loan application is denied.

Applications for SVO grants have not yet opened, but the SBA has indicated that entities intending to apply should have a DUNS number and be able to register in the System for Award Management (SAM.gov). Entities considering applying for SVO grants should carefully monitor the SBA’s SVO grant website to ensure that they do not miss the opening for SVO grant applications.

As always, we welcome interested entities to contact the authors of this alert if they are looking for guidance in evaluating whether an SVO grant is the most beneficial option for their needs or for help with advance preparations to ensure that they are ready to move as soon as the SBA opens the application process.

ELIGIBLE ENTITIES

Under the EAA, eligible entities are (1) live venue operators or promoters; (2) theatrical producers; (3) live performing arts organization operators; (4) relevant museum operators, including certain zoos and aquariums; (5) motion picture theater operators; (6) talent representatives; and (7) each business entity owned by an eligible entity that also meets the eligibility requirements. Eligible entities must (1) have been fully operational as of 29 February 2020 and (2) have had at least a 25 percent reduction in gross earned revenue during any quarter of 2020 compared to the same quarter in 2019.

Live venue operators or promoters, theatrical producers, or live performing arts organization operators must either be, or intend to resume, organizing, producing, managing, or hosting future live events. Motion picture theatres must either be open, or intend to reopen, for the primary purpose of public exhibition of motion pictures. Relevant museums must either be open or intend to reopen, and talent representatives must be representing or managing artists and entertainers.

Venues at which live venue operators or performers, theatrical producers, or live performing arts organization operators promote, produce, manage, or host events, or where artists and entertainers represented or managed by talent representatives perform must have the following characteristics:

  • A defined performance and audition space;
  • Mixing equipment, a public address system, and a lighting rig;
  • Engage one or more individuals to carry out at least two of the following roles:
  • A sound engineer,
  • A booker,
  • A promoter,
  • A stage manager,
  • Security personnel, or
  • A box office manager;
  • A paid ticket or cover charge is required to attend most performances;
  • Artists are paid fairly and do not play for free or solely for tips;
  • In the case of venues owned or operated by nonprofit entities producing free events the events must be produced and managed primarily by paid employees and not volunteers; and
  • Performances at the venue are advertised through listings in printed or electronic publications, on websites, by mass e-mail, or on social media.
  • Motion picture theatres must have:
  • At least one auditorium that includes a motion picture screen and fixed audience seating;
  • A projection booth or space containing at least one motion picture projector;
  • A paid ticket charge to attend exhibition of motion pictures; and
  • Motion picture exhibitions that are marketed through show time listings in printed or electronic publications, on websites, by mass e-mail, or on social media.

Relevant museums must:

  • Serve as a relevant museum as its principal business activity;
  • Have indoor exhibition spaces that are a component of the principal business activity and which have been subjected to pandemic-related occupancy restrictions; and
  • Have at least one auditorium, theater, or performance or lecture hall with fixed audience seating and regular programming.

INELIGIBLE ENTITIES

An otherwise eligible entity becomes ineligible if the entity, or its owner or controller, either issues stock that is listed on a national exchange or received more than 10 percent of its 2019 revenue from Federal funding (excluding amounts received under the Robert T. Stafford Disaster Relief and Emergency Assistance Act). Otherwise eligible entities are also made ineligible if the entity, or its owner or controller, has all of the following characteristics: (1) owning or operating venues, relevant museums, motion picture theatres, talent agencies, or talent management companies in more than one country; (2) owning or operating venues, relevant museums, motion picture theatres, talent agencies, or talent management companies in more than 10 States; and (3) employing more than 500 employees as of 29 February 2020 as determined on a full-time equivalent basis. When calculating the number of full-time employees employed by an eligible entity, any employee working at least 30 hours per week is considered a full-time employee. Employees working at least 10 hours per week but fewer than 30 hours per week are counted as one-half of a full-time employee.

In cases where an entity is owned by a State or a political subdivision of a State, other entities of the State or political subdivision are explicitly not considered when determining whether the above exclusions apply. For example, a State-owned museum that received only five percent of its 2019 revenue from federal funding would not be disqualified simply because the State received more than 10 percent of its 2019 budget from federal funding.

Entities that either present live performances “of a prurient sexual nature” or that derive, directly or indirectly, more than de minimis gross revenue through the “sale of products or services, or the presentation of any depictions or displays, of a prurient or sexual nature” are excluded from SVO grant eligibility regardless of whether such entities meet all other SVO grant requirements.

PRIORITY RECIPIENTS; INITIAL GRANTS

During the initial 14-day period in which SVO grants are awarded, grant awards will be restricted to eligible entities for which revenue for the period beginning on 1 April 2020 and ending on 31 December 2020 is at least 90 percent lower than revenue during the same period in 2019 due to the COVID-19 pandemic. Revenue must be calculated using an accrual method of accounting and any amounts received by an eligible entity under the CARES Act or later amendments are excluded. It is unclear how the SBA will determine whether decreased revenue is “due to the COVID-19 pandemic” or whether the SBA will relax the accrual basis rules for eligible entities operating on cash basis, and we are hopeful that the upcoming IFRs will provide clarity on these matters.

During the 14-day period immediately following the 14-day period described above, SVO grant awards will be restricted to eligible entities for which revenue for the period beginning on 1 April 2020 and ending on 31 December 2020 is at least 70 percent lower than revenue during the same period in 2019 due to the COVID-19 pandemic. No more than 80 percent of the US$15 billion in appropriated SVO grant funds may be used to make the priority grants described above. Grants will become available to all eligible entities after the two, 14-day periods end.

The SBA Administrator may design alternative methods of establishing losses for eligible entities that are seasonal employers and that would be adversely affected if January, February, and March are excluded from the calculation of year-over-year revenues.

Not less than US$2,000,000,000 in grants will initially be reserved for eligible entities having no more than 50 full-time employees. Any of these reserved funds that remain unused on the 60th day after SVO grants have begun to be awarded will become available to any eligible entity.

During the initial 60-day grant period, no more than five business entities of an eligible person or entity that would otherwise be considered affiliates under SBA affiliation rules may receive SVO grants.

SUPPLEMENTAL GRANTS

Supplemental SVO grants may be made to eligible entities that have received grants under the initial grant procedures if, as of 1 April 2021, the eligible entity’s revenue for the most recent calendar quarter is not more than 30 percent of the revenue for the corresponding calendar quarter during 2019. Supplemental grants may not be awarded until grant determinations have been completed for all applications submitted by eligible entities within 60 days after the date when the SBA begins accepting SVO grant applications.

Because it is not yet certain when the SBA will issue regulations and begin accepting SVO grant applications, entities considering applying for SVO grants should carefully monitor announcements from the SBA to ensure that the opening of grant applications is not missed.

GRANT AMOUNTS

For eligible entities in operation as of 1 January 2019, SVO grant awards are limited to the lesser of (1) 45 percent of the eligible entity’s gross earned revenue during 2019; or (2) US$10,000,000.

For eligible entities that began operations after 1 January 2019, SVO grant awards are limited to the lesser of (1) the average monthly gross earned revenue for each full month during which the eligible entity was in operation during 2019, multiplied by 6; or (2) US$10,000,000.

Museum operators may not receive more than US$10,000,000 in SVO grants across all relevant museums operated by the operator.

Supplemental SVO grant amounts will be 50 percent of the initial SVO grant. The total amount of combined initial and supplemental SVO grants cannot exceed US$10,000,000 for any single eligible entity.

CERTIFICATION OF NEED; RETURN OF UNUSED GRANT FUNDS

Eligible entities are required to submit a good faith certification that the uncertainty of current economic conditions makes the applied-for SVO grant necessary. Like PPP loan applicants, eligible SVO entities should consider any potential negative publicity that could result from making this certification, including the reaction of donors and other supporters. Regardless of potential reputational risks, all applicants for SVO grants should be mindful of the importance of maintaining well-documented support for their good faith certifications, including board or finance committee minutes if applicable, given the scrutiny of such certifications with respect to PPP loans.

SVO grant funds not used on or before the date one year after the date of initial grant disbursement must be returned unless the eligible entity also receives a supplemental grant, in which case SVO grant funds not used on or before the date 18 months after the date of initial grant disbursement must be returned.

PERMISSIBLE USE OF SVO GRANT PROCEEDS AND COVERED PERIOD

Permissible uses for SVO grant funds are broadly similar to those for funds received from PPP loans and include:

  • Payroll costs;
  • Covered rent obligations;
  • Covered utility payments;
  • Scheduled payments of interest or principal on covered mortgage obligations;
  • Scheduled payments of interest or principal on any indebtedness or debt instrument incurred in the ordinary course of business prior to 15 February 2020;
  • Covered worker protection expenditures;
  • Payments to independent contractors not exceeding US$100,000 for any individual employee of such independent contractors; and
  • Other ordinary and necessary business expenses, including:
  • Maintenance expenses;
  • Administrative costs, including fees and licensing costs;
  • State and local taxes and fees;
  • Operating lease in effect as of 15 February 2020;
  • Payments required for insurance on any insurance policy;
  • Advertising, production, transportation, and capital expenditure related to producing a theatrical or live performing arts production, concert, exhibition, or comedy show, except that an SVO grant may not be used “primarily” for such expenditures. It is unclear how the SBA will define “primarily” and we look forward to the upcoming IFRs providing clarity on the matter.

SVO grant funds may not be used for:

  • The purchase of real estate;
  • Payments of interest or principal on loans originated after 15 February 2020;
  • The investment or re-lending of funds;
  • Contributions or expenditures to, or on behalf of, any political party, party committee, or candidate for elective office; or
  • Any other use prohibited by the SVO program administrator.

MISCELLANEOUS PROVISIONS

The SBA Administrator is required to increase oversight of entities receiving SVO grants. Given the number of cases of alleged fraud with respect to the PPP loan program, similarly heavy levels of oversight can be expected for the SVO grant program. Such oversight may include:

  • Additional documentation retention requirements such as:
  • Retention of four years of employment records following receipt of the SVO grant,
  • Retention of other records for three years following receipt of the SVO grant, and
  • Reviews of use of grant proceeds including the potential for audits and the required return of misspent funds.

 

WHAT DOCUMENTATION DO I NEED?

At the moment, we are awaiting additional guidelines from the SBA.

We encourage you to gather relevant documents to demonstrate you were in operation on 1/1/2019 or thereafter, and that you were in operation on 2/29/2020 based on the eligibility and award guidelines.

These can take the form of tax returns, bank statements, or bills that show you were actively operating.

In addition, you would want to gather tax documents or other financial documents that can demonstrate the revenue decline decline, as well as a list of employees to show eligibility for each stage based on employee numbers.

We will continue to update as guidelines are released. 

FULL INFORMATION FROM THE SBA IS HERE

FREQUENTLY ASKED QUESTIONS ARE HERE

TO SIGN UP FOR AN EMAIL ALERT AS INFORMATION COMES AVAILABLE GO HERE

Filed Under: COVID-19, Grants & Funding Tagged With: COVID, SBA, shuttered venue grant, theatres grant

Feb 1, 2021 by DianeN

SHUTTERED VENUE OPERATORS GRANT

This grant will be made available thru the COVID Relief Grant approved in December.  The application and money will be administered by the SBA, Small Business Administration.  It is financial relief for Arts venues that have been shuttered due to COVID.  The program has not been worked out as of yet and will be open for application in the near future.  We will keep you posted.  Here is some information.


Program details

The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

For additional details, see our Shuttered Venue Operators Grants Frequently Asked Questions.

Who can apply

Eligible entities include:

  • 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

Other requirements of note:

  • Must have been in operation as of February 29, 2020
  • Venue or promoter must not have received a PPP loan on or after December 27, 2020

Detailed information on eligibility requirements coming soon.

Amount of SVO Grant

Grant amount will be either:

  • 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 revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.

How to apply

SBA is in the process of setting up the grant program and is not yet accepting applications. Those who have suffered the greatest economic loss will be the first applications processed under the following schedule:

Note: On January 20, 2021, SBA updated the proposed plan for issuing Shuttered Venue Operators Grants during the first and second priority periods. To clarify, priority awardees will not need to satisfy the small employer set-aside. During the first 59 days of opening the SVO Grants, SBA will reserve no less than $2 billion of program funding for grants to entities that have no more than 50 employees.

First Priority

1st 14 days of grant awards

Entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.

Second Priority

Next 14 days of grant awards

Entities that suffered a 70% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.

Third Priority

Beginning 28 days after First & Second Priority Awards are made

Entities that suffered a 25% or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020.

Supplemental Funding

Available after First & Second Priority

Recipients of First and Second Priority round who suffered a 70% or greater revenue loss for the most recent calendar quarter (as of 04-01-21 or later)

Allowable use of funds

Funds may be used for specific expenses, which include:

  • 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 02-15-20)
  • Worker protection expenditures
  • Payments to independent contractors (not to exceed $100K in annual compensation per contractor)
  • Other ordinary and necessary business expenses, including maintenance costs
  • Administrative costs (incl. fees and licensing)
  • State and local taxes and fees
  • Operating leases in effect as of 02-15-20
  • 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.)

Grantees may not use award funds to:

  • Buy real estate
  • Make payments on loans originated after 02-15-20
  • Make investments or loans
  • Make contributions or other payments to, or on behalf of, political parties, political committees, or candidates for election
  • Any other use prohibited by the Administrator

Grantee Recordkeeping

Grantees will be required to maintain documentation demonstrating their compliance with the eligibility and other requirements of the SVO Grant program. They must retain employment records for four years following their receipt of a grant and retain all other records for three years.

Application and additional guidelines will be posted when available.

For more information

For additional information, email SVOGrant@sba.gov. All emails regarding SVO Grants will be sent using an official government email address ending in @sba.gov.

Filed Under: COVID-19, Grants & Funding Tagged With: arts, COVID, grant, SBA, shuttered, venues

Dec 1, 2020 by DianeN

TOLLAND, WINDHAM COUNTIES ELIGIBLE FOR DISASTER LOANS-LIBRARIES & MUSEUMS

The U.S. Small Business Administration announced today that certain Private Non-Profit organizations (PNP)s in Connecticut that do not provide critical services of a governmental nature may be eligible to apply for low-interest disaster loans. These loans are available following a Presidential disaster declaration for Public Assistance resulting from damages caused by Tropical Storm Isaias on Aug. 4, 2020.

PNPs located in Fairfield, Hartford, Litchfield, Middlesex, New Haven, New London, Tolland, Windham and the Mashantucket Pequot Indian Tribe and Mohegan Tribe of Indians in Connecticut are eligible to apply. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The interest rate is 2.75 percent with terms up to 30 years. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

The SBA also offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs, such as ongoing operating expenses to PNP organizations. EIDL assistance is available regardless of whether the organization suffered any physical property damage.

PNP organizations are urged to contact their county’s Emergency Manager for information about their organization. The information will be submitted to FEMA to determine eligibility for a Public Assistance grant or whether the PNP should be referred to SBA for disaster loan assistance.

Applicants may apply for declaration #16848 online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to submit applications for physical property damage is March 15, 2021. The deadline to submit economic injury applications is Oct. 12, 2021.

FOR MORE INFORMATION GO TO SBA HERE

Filed Under: Back To Work 2020, Chamber News Tagged With: disaster, EIDL, libraries, loan, museum, professional development, sales, SBA, selling to government, webinar

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