PPP funding update – new funds available to museums, theatres and performing arts venues

“Great theatre is about challenging how we think and encouraging us to fantasize about a world we aspire to.” – Willem Dafoe 

It was Shakespeare who wrote, “All the world’s a stage,” and we’re thrilled to see good news on the horizon for the arts sector including museums, theaters and performing arts venues. The U.S. Small Business Administration (SBA) will begin taking applications in early April for the Shuttered Venue Operations Grant (SVOG) program.  

The $1.9 trillion American Rescue Plan Act, H.R. 1319, signed into law last week, provides an additional $1.25 billion in funding for the Shuttered Venues Operations Grant program.  

The initial Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program included $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance. 

On Thursday, March 11, the SBA released a preliminary application checklist for the new funds. The preliminary application checklist will guide users with gathering and preparing the necessary SVOG application materials in advance of the opening of the funding. This checklist includes specific documents that will be needed to support grant requirements and meet eligibility for the Shuttered Venue Operators Grant application when the process opens.    

The SVOG application process is still under development and is projected to roll out in early April 2021. See the preliminary application checklist for more information on how to start the process. If you are looking for more insight on reporting your PPP loans, tune into MIP’s webinar on the topic.

Are you looking for more ways to diversify your fundraising?

GiveSmart partners really demonstrated creativity and grit in 2020.  Read more on 7 ways the arts can fundraise virtually.  And, for even more inspiration, hear how both the Pennsylvania Ballet and New Haven Symphony Orchestra bridged their funding gaps. 

This blog was originally published on MIP.