US music venues can apply for long-awaited financial aid next month.
$16 billion in funding is available from the Shuttered Venue Operators Grant (SVOG), which is set up to support institutions such as live music venues and clubs, as well as museums, cinemas, theatres and other venues suffering financial hits due to the COVID-19 pandemic.
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The fund is being administered by the Small Business Administration (SBA), with applications open via a portal on its website on April 8.
SBA Administrator Isabella Casillas Guzman said: “Help is here for venue operators hit hard by the COVID-19 pandemic. The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open for applications on April 8.
“The SBA knows these venues are critical to America’s economy and understands how hard they’ve been impacted, as they were among the first to shutter. This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more.”
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There will be a free webinar held by officials to explain the application process on March 30. Anyone interested can register to attend here, and it will also be recorded.
Applicants are eligible to apply for 45% of their gross earned revenue, with a maximum single grant award of up to $10 million. $2 billion of the fund is reserved for eligible applicants with up to 50 full-time employees.
An initial $15 billion in financial aid was approved by US congress to help support cultural venues in December.
A report in February indicated that the fund will struggle to meet demand of stricken venues.
On March 11, President Joe Biden signed the American Rescue Plan Act into law, appropriating an additional $1.25 billion to bring the program funding to a total of $16.25 billion.
Patrick Hinton is Mixmag's Digital Features Editor, follow him on Twitter
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