Independent venues eligible for PPP and SVOG
“This change can save countless sites from bankruptcy, as the immediate PPP2 money will help them hold on until SVOG funds flow in,” said NIVA Chairman and CEO of First Avenue Productions in Minneapolis. Dayna Franck in a press release. “This entire industry is grateful to Majority Leader Senator Schumer for spearheading this provision and to Senators Cornyn and Klobuchar for championing our cause with the Save Our Stages Act.
The proposed rule change allows those who think they are eligible for SVOG to apply and receive PPP2 funds. Any money that sites receive from PPP2 will be deducted from any money given to them through SVOG. For example, if a location is eligible for $ 100,000 SVOG and has taken $ 25,000 in PPP2 funds, its SVOG cannot exceed $ 75,000.
Other significant additions to the provision are an additional $ 1.25 billion added to the SVOG fund and $ 840,000 earmarked for staff of the Small Business Administration, who have been tasked with facilitating COVID-related programs. The extra money will help fund the growing number of entities eligible for the over $ 16 billion grant program, open to independent theaters, promoters, agencies, production companies, museums, cinemas, zoos. and other cultural institutions.
“The sooner the SBA can recruit and deploy this program, the better. To say our members are frantic and anxious is an understatement. Eviction notices come in at an even faster rate over time without this emergency assistance, ”Frank said.