Closed sites receive additional subsidies



America’s entertainment venues and related businesses have been among the hardest hit during this pandemic, SBA administrator Isabelle Casillas Guzman said in a statement. “The majority of grants for closed site operators have gone to companies with 50 or fewer employees – meaning we are reaching our smaller businesses, which have suffered disproportionate impacts from the pandemic and have often been excluded from first aid. . My vision for the SBA is that we make all of America’s small businesses, including smaller theaters and entertainment companies, feel like the giants that they are in our economy, and our SVOG program is a great one. example of how we do just that. “

The additional reward period remains open and SBA continues to send additional invitations to eligible SVOG winners. The additional scholarships also allow SVOG grantees to extend the time limit for using their grant funds for accrued expenses until June 30, 2022 and extend their budget period to 18 months from the date of award of the grant. initial grant.

The additional grants will help businesses suffer a 70% loss when comparing first quarter 2021 revenue to 2019. The recovery from the additional grants was much faster than the original grants which took four months to open. and an additional 30 days before the start of the funds. touch bank accounts. The SBA has received more than 17,500 applications since the launch of the program at the end of April and there are less than 1,000 applications to be decided.

“To run a venue of this size, there is a tremendous overhead cost,” said the owners of Mulcahy’s Pub and Concert Hall in New York City. Tim and John murray in a press release. “Without SVOG, we wouldn’t know where we would be today – the debt might have been too large to be paid off. Various stakeholders, from Senate Majority Leader Schumer to advocacy organizations, have played a role. crucial role in securing this funding for closed sites; and the SBA has processed and funded the requests to keep our hard-hit businesses alive during the COVID pandemic. Without the joint efforts of all – and those of thousands of sites across the country – many of us would no longer be in business. “



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