PPP Funding Update – New funds available to museums, theatre and performing arts venues

“Great theatre is about challenging how we think and encouraging us to fantasize about a world we aspire to.”- Willem Dafoe

The $1.9 trillion American Rescue Plan Act, H.R. 1319, signed into law this week, provides an additional $1.25 billion in funding for the Shuttered Venues Operations Grant program. The U.S. Small Business Administration (SBA) will begin taking applications in early April for the Shuttered Venue Operations Grant (SVOG) program.

It was Shakespeare who wrote, “All the world’s a stage,” and we’re thrilled to see stage lights on the horizon with the SBA’s good news for the arts sector including museums, theaters and performing arts venues.

The initial Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program included $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.

On Thursday, March 11, the SBA released a preliminary application checklist for the new funds. The preliminary application checklist will guide users with gathering and preparing the necessary SVOG application materials in advance of the opening of the funding. This checklist includes specific documents that will be needed to support grant requirements and meet eligibility for the Shuttered Venue Operators Grant application when the process opens.

The SVOG application process is still under development and is projected to roll out in early April 2021. See resources below for more information on how to start the process. Good luck in applying for these additional funds!

See full checklist here  Preliminary application checklist

Full information on the Shuttered Venue Operators Grant program.

If you’re interested in how MIP Fund Accounting helps museums succeed see our case study on the Patuxet Museums.

Listen to our PPP Loans Webinar  held on March, 11th, and is filled with superb insight on reporting for PPP Loans.

 

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