Live event venues get economic boost from Save Our Stages Act

Local News

(WSYR-TV) — Live event venues are getting an economic boost after being hit hard by the coronavirus pandemic. Applications open Thursday for the Save Our Stages Act.

It’s part of the latest $900 billion stimulus relief bill to help venues like independent movie theaters, performing arts organizations, and museums.

The Small Business Administration is calling it the Shuttered Venue Operators Grant and the application portal will officially open on April 8 at 12 p.m.

Eligible business types as sited on the SBA website include the following:

  • Live venue operator
  • Promoter
  • Theatrical producer
  • Live performing arts organization operator
  • Motion picture theatre operator
  • Museum operator
  • Talent representatives.

Of the $16.2 billion for grants, $2 billion is reserved for eligible Shuttered Venue Operators Grant applications with up to 50 full-time employees. Eligible applicants may apply for grants equal to 45% of thir gross earned revenue, with a maximum amount of $10 million.

The Administration stated that it will accept Shuttered Venue Operators applications on a first-in, first-out basis and allocating applications to respective priority period as they are recived.

Specifically, the first 14-days of funding awards, will be for those entities that suffered a 90% or grater revenue loss between April and December 2020 due to the COVID-19 pandemic. The second 14 days will include entities that suffered a 70% or greater loss between that same timeframe.

Following those two periods, the Shuttered Venue Operators Grants awards will include entities that suffered a 25% or greater loss between one quarter of 2019 and the corresponding quarter of 2020.

The Small Business Administration confirmed that the first award period is expected to begin in late April of 2021.

Full eligibility requirements for the Shuttered Venue Operator Grants can be found on the SBA website.

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