As music venues continue to struggle to make their way back after the past year of near financial ruin, the Small Business Administration (SBA) has said that there will be no need to reapply for grants from the Shuttered Venue Operators Grant (SVOG).
Those eligible for SVOG assistance include venues that have seen a 70% or more loss of funds throughout the pandemic due to closures. Now, the SBA has revealed that those who applied and were approved to receive grants in the first two tiers of applications will not need to resubmit in order to receive additional funding.
After first opening up to allow venues to apply for SVOG in March, struggling venues quickly sent in their applications, with the overwhelming demand causing the site to crash. After delays in dispersing the initial funds, a little more than $3 billion has now been spread throughout venues across the country. So far, $4 billion in supplemental grants remains of the $16 billion reserved.
Those who already received a grant and are eligible for more funding will be provided with half of their initial funds in a supplemental grant. Venues who did not receive funds due to their application being denied, and are not suspected of fraud, will be provided with a 14-day period to appeal. While the grant primarily provides funding for shuttered venues, music festivals, and amphitheaters that have also seen a 70% loss of funds will also become eligible.
H/T: Billboard
Featured image: Rebecca Smeyne
