Music venues around the U.S. have been forced to shut their doors since the start of the COVID-19 pandemic. However, it seems that some light is beginning to shine at the end of the big dark tunnel. The U.S. Small Business Administration (SBA) will be providing financial relief for live music venue operators to survive another year.
The Shuttered Venue Operators Grant (SVOG) officially launched on April 8. The program will not only provide music venues with relief but other cultural institutions as well, such as museums and talent representatives. Businesses are now welcome to apply, as applications for the grant are now open.
The Recording Academy and its members helped to bring this funding program together for the live event industry. If music venues are approved, owners will have the financial means to survive another year without shows.
The SBA hosted a webinar on the program on March 30. According to representatives, they estimate that 15,000 institutions will be approved for the program, with an expected average of $1 million.
The program will provide businesses with financial relief until all funds have been exhausted. Those who are suffering the largest losses in revenue will be awarded. Therefore, the SBA is encouraging institutions to apply for the program as soon as possible for the chance to receive funding from the grant.
SVOG is the newest program designed by policymakers since the Paycheck Protection Program and the CARES Act. These programs were designed to provide relief to businesses burdened by the pandemic.