Since it has now been nearly a year since live events like concerts were possible in the U.S., businesses like theaters and music venues have been struggling financially. The good news is that the SBA is launching a new grant program just for live event operators called the Shuttered Venue Operators (SVO) program, which will serve as a compliment to the PPP. The SBA isn’t accepting applications for the SVO yet, but they have released some information about how businesses can prepare and what information will be required to apply. Here’s what you need to do to get ready to apply for the SVO.
Update Friday, March 19 at 12:10 PM PST:
The SBA is expecting to open the SVO program for applications in early April. In addition, business owners will now be allowed to apply for both the SVO and the PPP programs, as opposed to receiving funding from only one. We will keep you updated as applications open! Learn more about how to prepare below.
Register for A DUNS number
The first step for businesses interested in applying for the SVO grant is to register with Dun & Broadstreet, a company that creates identifiers for businesses, so you can get a DUNS number. DUNS numbers are like a social security or tax identification number, but for businesses. The federal government and many financial lenders use DUNS numbers to identify businesses, since the numbers are unique (two businesses could have the same name, but cannot have the same DUNS number). According to the latest SBA info, you’ll need a DUNS number to apply for the SVO. You can register for one for free here, and since they can take up to a month to generate, it’s best to do it as soon as possible.
Register for SAMS
The next step after you have a DUNS number is to register with the federal Systems for Award Management (SAM), a digital platform that the U.S. government uses to manage grants and contracting. The SBA will be using SAM to manage SVO applications.
You can register for SAM here. You’ll need to create a user account first, and then register your business. You will use your DUNS number and address to register. It can take up to two weeks to register for SAM, so you should start the process as soon as you have your DUNS number.
Gather General Business Info
The SVO application will require some basic information about your business, like the number of employees your business has and floor plans of your space (the SVO grant is only available to venues with fixed seating, like theaters). If you work with independent contractors, gather copies of those contracts as well, to showcase your business' expenses.
If you can, begin gathering any materials you think might be relevant now, so that as soon as applications are open you’ll be ready. Once we know more about exactly what the application will require, we will let you know.
Gather Financial Information About Business Revenue
The SVO grant program allows businesses to apply for up to 45% of their annual gross earned revenue, so you should gather info about your business’ revenue in 2019 and 2020 now. Businesses that experienced a revenue loss of 90% or greater in 2020 will have first priority for SVO grants, followed by those with a loss of 70% or greater and finally those with a loss of 25% or greater. You should gather the info you will need to calculate your eligibility stage and how much funding you will qualify for.
Applications are expected to open for the SVO in April, so we encourage business owners interested in applying to gather their materials and register their businesses now. In the meantime, you can get other grant and loan opportunities curated especially for you with Skip Plus, which you can get free for 15 days here.