[co-author: Laura Peterson]
Originally published on December 30, 2020 and updated as of March 18, 2021.
The Consolidated Appropriations Act, 2021 (the “CAA”), which provides $900 billion in new COVID-19 relief funding, was signed into law on December 27, 2020. Section 324 of Title III of the CAA, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Economic Aid Act”), introduces a new $15 billion grant program through which the U.S. Small Business Administration (the “SBA”) will provide aid to struggling live venue operators and certain related businesses. This program offers a critical lifeline from the Federal government for the nation’s performing arts venues, movie theatres and museums. Grants made under such program are referred to by the SBA and in this publication as “SVO Grants”.
[UPDATE] The American Rescue Plan Act of 2021 (the “American Rescue Plan Act”) was signed into law on March 11, 2021, and includes amendments to the SVO Grant program under Title V, Sec. 5005. The American Rescue Plan Act increases the funding available to the SVO Grant program by an additional $1.25 billion, of which $500,000 shall be used to provide technical assistance to help applicants access the grant application system. The American Rescue Plan Act also amends the Economic Aid Act to reflect that entities that received PPP loans on or after December 27, 2020, will be permitted to apply for an SVO Grant.
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