Here is the latest SBA news on the Shuttered Venue Operators Grant (SVOG) program, including the latest SVOG numbers.
JUST RELEASED! POST-APPLICATION GUIDANCE The SBA just released Post-Application FAQs today and advises that more communication, support materials, and office hours to help awardees through the close-out process are soon to follow.
COMING SOON: RECONSIDERATION 2.0 The SBA announced today that following the processing of all initial awards, including the (nearly complete) review of current Reconsiderations, it plans to open up a second opportunity for all awardees to participate in the Reconsideration process, which may benefit those who need to correct initially submitted details that may impact award amounts or supplemental eligibility.
THE SUPPLEMENTAL AWARDS PROCESS, STILL IN PROGRESS Because of the previously noted Salesforce bug, which has been making award calculation challenging, the Supplemental Awards invitation roll-out continues slower than the SBA would like, which means:
Those who have not received an invitation yet should not be alarmed. Additionally, 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.
4,006 Supplemental Awards have been issued to date. $1.2 billion has been awarded, while only $225 million has been disbursed. While many have received and signed Notices of Award, disbursements are lagging because of the Salesforce bug.
The SBA reports that it has a solution on the horizon, which means that soon the SBA will be able to increase the pace of issuing invitations, Notices of Award, and disbursements.
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."
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 17,643 applications received, 17,401 decisions have been issued.
12,354 entities have been awarded initial awards. Award notifications represent $10.3 billion of which $10 billion has been disbursed.
5,047 applications have been declined.
There are 218 applications remaining that were received after June 26 that are still awaiting an initial decision.
