The US Small Business Administration grant program is nearing launch and owners can prepare for their application


March 30-The US Small Business Administration grant program for entertainment facilities is on track, and owners of those businesses are ready to apply for funding.

The Shuttered Venue Operators Grant is a $ 15 billion program aimed at helping operators affected by the coronavirus pandemic. At least $ 2 billion is reserved for small venue operators with less than 50 employees. The amount of the grant depends on when the business started, but businesses may receive up to 45% of their total pre-pandemic income, or $ 10 million, whichever is less. The program is still finalized, including the application date, which is likely to be in early April.Operator needs to confirm www.sba.gov/coronavirusrelief For more information.

Barb Carson, Deputy Deputy Director of the SBA’s Disaster Management Department, said: Online presentation on Tuesday, March 30th.

The program allows live entertainment venues, cinemas, stage producers, museums and other operators to apply for grants.To prepare the application, those companies need to create SAM.gov account. System for Award Management is a federal website and registration is free.

Business owners need to put together financial information for their applications. Businesses operating before January 1, 2019 will receive 45% of their total revenue. Operators starting after that will need to calculate the average monthly total revenue for each month that was up and running in 2019 and multiply that number by 6.

Companies that apply for an SBA EIDL loan are eligible to apply, as are companies that obtained their first PPP loan before December 7, 2020. For companies that have acquired PPP loans after that, the loan amount will be reduced from the following. Subsidy.

Funds from grants can be used in a variety of ways, including rent, salaries, utilities, insurance, state and local taxes and fees, and mortgage payments. Generally, this grant cannot be used to repay the principal of mortgages and other debts incurred before February 15, 2020.

Questions about the SVOG program can be emailed to SVOGrant @ SBA.gov.

SBA officials have not released final data on the Restaurant Revitalization Fund, a $ 28 billion grant program for bars and restaurants that have lost revenue due to the pandemic. Under that program, eateries can receive up to $ 5 million per location and up to $ 10 million in multiple locations.

Still, these companies can be prepared by deciding how much they can receive. This is done by deducting revenue from 2019 to 2020. In addition, these offices SAM.gov In addition to getting an account, you also get a DUNS number, which is a 9-digit number used to identify your business.

The application period for PPP loans has been extended until the end of May, but Eric Giltner, senior area manager at the Grand Forks SBA office, said that the loss they incurred to those applying for a second loan was the cause. I warn you to confirm. Pandemic. Borrowers must show a 25% reduction in receipts between the comparable quarters of 2019 and 2020. Losses not related to the pandemic cannot be covered by PPP loans, Giltner said.

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