American Rescue Plan Act and Shuttered Venue Operators Grant

On March 11, 2021, President Biden signed into law the latest COVID-19 relief legislation, “American Rescue Plan Act of 2021” (Act).  The majority of the Act expands provisions already in place by previous legislation, such as the Coronavirus Aid, Relief and Economic Security Act, and the Consolidated Appropriations Act. One of those expansions is related to the Shuttered Venue Operators Grant (SVOG) program.

The SVOG program was first established as part of the Consolidated Appropriations Act (CAA), which was signed into law in December of 2020. Currently, the U.S. Small Business Administration is in the process of setting up the grant program and is not yet accepting applications.  The new Act appropriated additional funds toward the program in the amount of $1.25 billion. Approximately $500,000 of these funds is allocated to provide technical assistance to applicants to help access System for Award Management (SAM) or any other alternative grant application system.

CAA prohibited organizations that received Paycheck Protection Program (PPP) loans on or after December 27, 2020, from applying for SVOG.  The new Act amended that section, now allowing PPP recipients to apply for SVOG funds. However, the grant amount will be reduced by the PPP loan received on or after December 27, 2020.

Schneider Downs will keep monitoring SVOG program development and provide updates as they are received. If you have any additional questions, please contact us.

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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

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