The U.S. Small Business Administration has created a special grant program to assist theaters, museums, and live music venues hurt by the coronavirus pandemic.
The Shuttered Venue Operators Grant is available to live venue operators or promoters, theatrical productions, movie theater operators, talent agents, and museums, zoos, and aquariums that meet specific requirements.
Grant applications open April 8.
Applicants must first register with the federal SAM System before submitting a loan application.
To qualify, a venue must have been operating as of Feb. 29, 2020.
For an eligible entity in operation on Jan. 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 entity that began operating after Jan. 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation in 2019 multiplied by six, or $10 million, whichever is less.
A promoter or venue that received a PPP loan on or after Dec. 27, 2020, will have the grant reduced by the PPP loan amount.
“The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant,” SBA Administrator Isabella Casillas Guzman said.
“The SBA knows these venues are critical to America's economy and understands how hard they've been impacted, as they were among the first to shutter.
“This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theaters and many more.”
The program is making more than $16 billion in grants available.
The SBA has scheduled an informational webinar from 2:30 to 4 pm March 30 for potential applicants to learn about required documentation, eligibility, and how to apply.