[co-author: Laura Peterson] -
Originally published on December 30, 2020 and updated as of March 10, 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”.
This article details the key terms of the SVO Grant program and incorporates further guidance issued by the SBA in response to certain Frequently Asked Questions (the “FAQs”), which were recently updated on February 28, 2021 (the “2/28/21 FAQs”) and March 5, 2021 (the “3/5/21 FAQs”).
Please see full Publication below for more information.