Applying for grants can be a great way for small businesses to secure funding for various endeavors, such as research and development, establishing or expanding operations, or hiring new employees. However, the process of finding and applying for grants can be daunting. In this article, we’ll take a closer look at a specific grant program- the Shuttered Venue Operators Grant- and provide a step-by-step guide on how small business owners can apply and maximize their chances of success.
What is the Shuttered Venue Operators Grant?
The Shuttered Venue Operators Grant (SVOG) is a federal program designed to provide financial assistance to eligible live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theatre operators, or talent representatives. The program was established as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, which was signed into law on December 27, 2020.
The SVOG offers eligible businesses a grant equal to 45% of their gross earned revenue, up to a maximum of $10 million. Additionally, businesses that received a Paycheck Protection Program loan on or after December 27, 2020, may also be eligible for a SVOG, with the PPP loan amount subtracted from the SVOG.
How to Apply for a Shuttered Venue Operators Grant
Step 1: Determine Eligibility
Before proceeding with your application, it’s crucial to determine your eligibility. The following entities are eligible to apply for the SVOG:
– Live venue operators or promoters
– Theatrical producers
– Live performing arts organization operators
– Museum operators
– Motion picture theatre operators
– Talent representatives
Furthermore, these entities must have been in operation as of February 29, 2020, and must have experienced a revenue loss of at least 25% due to the COVID-19 pandemic.
Step 2: Gather Required Documents
Once you’ve determined your eligibility, you’ll need to gather the necessary documents to support your application. The following documents are required:
– IRS Form 4506-T
– Gross earned revenue documentation for 2019 and 2020 (or for the period of operation if the business was not in operation in 2019)
– Number of employees as of February 29, 2020, and at the time of application
– An explanation of how the pandemic has impacted the business and contributed to a revenue loss
– Any relevant tax documents, such as W-2s or 1099s
– A voided check for direct deposit
Step 3: Register with the System for Award Management (SAM)
Before submitting your application, you’ll need to register with the System for Award Management (SAM), a government-wide database of businesses. Registering with SAM is free and is required for all entities that conduct business with the federal government.
Step 4: Submit your Application
Once you’ve gathered all the necessary documents and registered with SAM, you can submit your application through the SVOG portal. The portal is currently closed, but the Small Business Administration (SBA) expects to reopen it in the near future. The SBA has also stated that it will provide advance notice before reopening the portal.
Tips for Maximizing your Chances of Success
– Be thorough and accurate in providing all required documents and information.
– Keep track of application deadlines and make sure to submit your application before the due date.
– Check and double-check your application for errors before submitting.
– Keep in mind that the SVOG is a competitive program and that not all applications will be approved.
– If your application is denied, you may be able to request reconsideration or appeal the decision.
Conclusion
Applying for grants for your small business can be a daunting task, but it can also be a rewarding one. The Shuttered Venue Operators Grant program provides a unique opportunity for eligible businesses in the live entertainment industry to receive financial assistance during these challenging times. By following the steps outlined in this article and carefully preparing your application, you can maximize your chances of success and secure the funds your business needs to thrive.
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