It seems like it’s been forever coming. Indeed, it’s been an incredibly long three months wait. Yet just this week, we’ve seen the Small Business Administration brace itself to receive applications from the theaters, programs, and live venues that have suffered through the coronavirus pandemic largely unassisted despite industry-wide forced closures. With these federal grants available to offset some of the revenue declines these venues have faced through the tumultuous year, things could finally start looking a little brighter. BLAKE & WANG P.A entertainment lawyer Los Angeles has the details you need.
Funding now available
Funding of over $16 billion has been put aside for these specific classes of venue. This includes the $15 billion earmarked in the late December COVID-19 relief bill. The additional $1 billion-plus comes from additional funds, courtesy of the American Rescue Plan.
Applications to the program are being received through a specialist portal set up by the Small Business Administration, to be known as the ‘Shuttered Venue Operator Grants’.
Who is eligible?
Live venue promoters and operators, theatrical producers, museum operators, movie theatre operators, talent representatives, and performing arts organization operators are all eligible to apply. You can also apply if you have a Paycheck Protection Program loan in place, but should you receive the venue grant you will no longer be able to receive the loan. Should your loan have been received since December 27th, 2020, the loan amount will be deducted from the grant you receive.
What about larger chains?
Larger employees, such as those employing more than 500 people and those with public trading, will not qualify. $2 Billion of the fund, however, is to be directed to those employing up to 50 full-time employees. For those who can apply, however, you can try for grants up to 45% of your gross earned revenue, up to a cap of $10 million.
Not that the application process is expected to be easy. Alongside the good news of the program rollout, the Small Business Administration also revealed a portfolio of documents you will need to submit alongside your application simply to be considered. Should you need assistance with this process, however, there will be an informational webinar on March 30th, 2021, for potential applicants to receive guidance and ask questions, so be sure to attend.
While it has been a long time coming for many in the struggling venue industry, the unveiling of this good news is sure to be well-received throughout the entertainment sector. Do remember that this is a case of ‘the early bird catches the worm’, however. Should you qualify for and wish to apply for the grant, be sure to begin getting your documents in order now, ready to submit as early as possible. Be sure to double-check each aspect of your application to avoid rejection for admin issues, too. Should you need any assistance at all with the process, the BLAKE & WANG P.A best entertainment lawyers in los angeles team is on hand to help, so don’t hesitate to reach out today.
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