Grant applications for concert halls affected by COVID-19 will open soon

0

LUBBOCK, Texas (KCBD) – The Small Business Administration is preparing to accept applications for the Shuttered Venue Operators Grant, an effort to provide assistance to theaters, museums and concert halls affected by COVID-19.

The Lubbock Cultural Arts Foundation posted a tweet on Monday, informing venue operators that the Small Business Administration (SBA) will begin accepting applications on April 8, with an applicant information webinar on March 30:

According to the SBA website, applicants can claim grants equal to 45% of their gross income, with the maximum amount available for a single grant of $ 10 million. Those who have suffered the greatest economic losses will be the first claims processed.

Sites listed as eligible include:

The SBA states that sites must have been operational by February 29, 2020. Sites or promoters that received a PPP loan on or after December 27, 2020 will see the SVOG reduced by the PPP loan amount.

Approved uses for funding, according to the SBA, include:

  • Personnel costs
  • Rent payments
  • Utility payments
  • Scheduled mortgage payments (not including early repayment of principal)
  • Scheduled debt payments (excluding the early repayment of the principal on any debt contracted in the normal course of business before February 15, 2020)
  • Worker protection expenditure
  • Payments to independent contractors (not to exceed $ 100,000 in annual compensation per contractor)
  • Other ordinary and necessary business expenses, including maintenance costs
  • Administrative costs (including fees and licenses)
  • National and local taxes and fees
  • Operating leases in effect on February 15, 2020
  • Insurance payments
  • Advertising, production transportation and capital expenditures related to the production of a theatrical or performing arts production. (May not be the primary use of funds)

Sites receiving grants will be required to maintain documentation demonstrating compliance with requirements, along with employment records for four years after receipt of a grant and to retain all other records for three years.

A video presentation of the Shuttered Venue Operators grant is available here. A list of frequently asked questions to the SBA regarding the program can be found here.

To register and be notified when applications open, click here.

Copyright 2021 KCBD. All rights reserved.

Leave A Reply

Your email address will not be published.