Here is the latest SBA news on the Shuttered Venue Operators Grant (SVOG) program, including the latest SVOG numbers.
- THE SUPPLEMENTAL AWARDS PROCESS, STILL IN PROGRESS 2.0
Hampered by technical issues from which it is still emerging, the SBA is "leaning hard into Supplemental, chasing disbursements, and Notices of Awards".
- 6,002 entities have been invited to date for a Supplemental Award. 5, 673 have accepted the invitation. 5, 529 entities have been awarded Supplemental Awards.
- The SBA reports that it is about 85% the way through sending invitations, but that invitations are still going out. They continue to emphasize that those who have not received an invitation yet should not be alarmed. As noted in earlier meetings, those applicants with the message "Supplemental Under Review" likely means that they are among the many files in the queue waiting for the award calculation to be checked for accuracy before an invitation is sent.
- The SBA is still encountering technical hiccups, so there are files that need to be manually nudged along.
- Applicants eligible for Supplemental Awards are defined as "recipients of first, second, and third priority round awards who suffered a 70% or greater earned revenue loss for when comparing 2021 Q1 to 2019 Q1."
- MORE INSIGHTS ON POST-APPLICATION FAQS
Last week, the SBA released Post-Application FAQs, which includes more information on audit requirements, guidance on updating your budget, and the SVOG closeout timeline, as the SBA turns its focus to monitoring, auditing and closeout. The SBA assured stakeholders that it would make available webinars, office hours, and additional guidance to help awardees successfully manage their awards.
- Also, notably FAQ #207 was removed, which read: "What should a talent representative count as their gross and earned revenues? Talent representatives should claim the commission income they earned from an artist’s fee and any retainers paid to the talent representative. They should not claim payments passed through to the artists they represent."
- RECONSIDERATION 2.0 COMING SOON
Reconsideration 1.0 is nearly done, with only a few handfuls of files remaining. Following the processing of all initial awards, it plans to open up a second opportunity for all awardees to participate in the Reconsideration process. Any applicants who need to update or correct initially submitted details that may impact award amounts or supplemental eligibility are encouraged to participate.
- THE SBA'S PROGRESS REPORT
In case you missed it, on Monday, the SBA released its latest program report. While many numbers have since been updated, it does provide more detail that may be of interest. The SBA also released the most recent awardee data.
- JUST THE NUMBERS
As of earlier today, of the total 17,644 applications received, 17,528 decisions have been issued.
- $12.3 billion has been awarded, and just under $11 billion has been disbursed. These figures include just under $2 billion awarded and $650 million disbursed in the Supplemental Award phase.
- 12,601 entities have been awarded initial awards.
- As noted earlier, 5, 529 entities have been awarded Supplemental Awards. See above regarding the progress of the Supplemental Awards process.
- 4,927 initial applications have been declined. This number is down from 5,047 as some declines have been appealed and overturned. The SBA reports that it is 50% through decisioning appeals.
- 832 entities accepted invitations to be part of the Reconsideration process out of more than 2100 invitations sent. As of today, only 40-50 files remain.
- There are 155 initial applications remaining that were received after June 26 that are still awaiting a decision.