Do you have clients in either the live events (arts) industry or restaurant industry? If so, you know that PPP lending may not be enough to keep their businesses open. And those clients may still be facing the struggles that have appeared during the second round of PPP lending. Here are two SBA grant programs providing much needed grant money to two industries.
Live Events Industry
The Shuttered Venue Operators Grant provides emergency assistance for qualifying venues affected by COVID. Qualifying businesses include:
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Museum operators
- Motion picture theater operators (including owners)
- Talent representatives
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Qualifying businesses can apply on the SBA website.
The Restaurant Revitalization Fund will provide emergency assistance for qualifying businesses impacted by COVID. Qualifying businesses include:
- Food stands, food trucks, food carts
- Bars, saloons, lounges, taverns,
- Snack and nonalcoholic beverage bars
- Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
- Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
- Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
- Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
- Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
The program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Qualifying businesses can register now at the SBA website and applications will open on Monday, May 3, 2021 at noon Eastern.