Insights
Shuttered Venue Operator Grant Portal to open 4/24/21 at 12:30 pm EDT
TAX ALERT |
Authored by RSM US LLP
According to the Small Business Administration (SBA), the long-awaited and unexpectedly delayed Shuttered Venue Operator Grant (SVOG) Portal will open tomorrow, Saturday, April 24, 2021, at 12:30 pm EDT. Plagued by technical issues, the SBA closed the SVOG Portal the same day it opened earlier this month. If not already registered, applicants may continue to register for an application portal account.
In anticipation of the SVOG Portal reopening, the SBA released updated FAQs, with over 50 new or updated questions and answers, and an updated applicant user guide, which reflects a revised SVOG application. The SBA also recommends that potential applicants create an account prior to the launch of portal and review the checklist to identify needed documentation and support to complete the application.
Background
The SVOG program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for grants equal to 45% of their earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Eligible entities include live venue operators or promoters, theatrical producers, live performing arts organization operators, relevant museum operators, motion picture theater operators (including owners), and talent representatives. Each category has its own set of additional requirements.
Other requirements include that the applicant must have been in operation as of Feb. 29, 2020. Furthermore, if an applicant received a PPP loan (whether first or second draw) on or after Dec. 27, 2020, the SVOG award will reduced by the PPP loan amount.
Further details about the program can be found in the FAQs and on the SBA’s website.
Let's Talk!
Call us at +1 213.873.1700, email us at solutions@vasquezcpa.com or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by Alexandra Mitchell, Chad Wernimont, Ryan Corcoran , Debbie Singer and originally appeared on 2021-04-23.
2020 RSM US LLP. All rights reserved.
https://rsmus.com/what-we-do/services/tax/federal-tax/tax-accounting-services/shuttered-venue-operator-grant-portal-to-open-4-24-21-at-12-30.html
The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Vasquez & Company LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Vasquez & Company LLP can assist you, please call +1 213.873.1700.
Subscribe to receive important updates from our Insights and Resources.