SBA Has Approved 43% of Shuttered Venue Grant Applications
The Small Business Administration has so far notified nearly half of the 15,026 independent venue owners, promoters, movie theaters and other live entertainment businesses who have applied for Shutter…
The Small Business Administration has so far notified nearly half of the 15,026 independent venue owners, promoters, movie theaters and other live entertainment businesses who have applied for Shuttered Venue Operators Grants, according to numbers released Monday (July 12).
Following a prolonged rollout of the program, which was signed into law in December as part of a pandemic stimulus bill, those SBA numbers show 6,610 applicants have been notified of their successful grant and the amount of money they will receive from the more than $16 billon program. Another 440 applications have been declined by the administration that was tasked with creating and implementing the first-of-its-kind program.
Trending on Billboard
Of those notified of their awards, 2,374 are live music venue operators or promoters and 734 are talent representatives. Live performing arts organizations have received 1,777 award notifications.
In addition, the SBA has “come to a decision on eligibility” for another 5,902 applicants, which means they will soon be notified of their applications success, failure or need for revision. Monday’s numbers show the SBA has “decisioned” 86% of the total 15,026 applications submitted. The administration has another 11% of applications in review and 3% waiting to be reviewed.
As of midday Monday, the SBA has disbursed $3.3 billion in federal funding to venues, promoters, talent agencies, zoos, museums and movie theaters since May 26. Another $1.7 billion has been awarded but has not yet been deposited into accounts. Since applications for the SVOG opened on April 27, $11.8 billion has been requested by businesses that lost a significant amount of revenue in 2020 due to the pandemic.
Several notable live music businesses newly notified of their awards. Promoters Cardenas Marketing Network was awarded $9.1 million, Frank Productions was awarded $10 million and Outback Presents got $9,6. Nashville’s Bluebird Café landed just over $1 million, Belly Up Aspen received just over. $3.5 million, Atlanta’s Fox Theatre maxed out at the $10 million, San Francisco’s Independent reached nearly $2 million in grant funds, and The Armory in Minneapolis hit just over $9.8 million. Talent representatives MAC Presents was also rewarded $846,000.
Southern California festival Beachlife was awarded $2.3 million, while Noise Pop received just over $1 million and Telluride Bluegrass Festival in Colorado received more than $2.8 million. FELD Entertainment, which formerly put on the Ringling Bros. and Barnum & Bailey Circus, was awarded $10 million. The Grammy Museum in Los Angeles also received an award notice of just above $1.5 million.
More From Pro
