NEW SBA GRANT | Money Talks #MoneyTalks #GetPaid - YouTube

and welcome back to money talks here i'm going  to cover a brand new grant by the spa called the  

shutter venue operators grant also known as the  svo this is an emergency assistance for eligible  

venues affected by covenanting pandemic in  this video i'm going to cover the contents  

of the program which is the program details who  can apply amount of the svo grant how to apply  

allowable use of funds and more information first  of all i want to say if you're watching this video  

and you have not yet subscribed to the channel go  ahead and subscribe click the bell notification  

give it a thumbs like a thumbs up and here we go  with the content program details who can apply  

program details the shutter venue operator svl  grant program was established by the economic aid  

to hard hit small businesses non-profits  and venues act signing to law on december 27  

2020 the program includes 15 billion in grants to  shattered businesses or venues to be administered  

by the sba office of disaster assistance eligible  applicants may qualify for the svo grants equal  

to 45 percent of the gross entire earned revenue  with the maximum amount available for a single  

grant of 10 million so a single grind could be  worth 10 million dollars 2 billion is reserved  

for eligible applications with up to 50 full  employees full-time employees who can apply  

well eligible entities include live venue  operators or promoters theatrical producers live  

performing arts organizations operators relevant  museums zoos and aquariums motion pictures  

theater operators talent representatives and  each business entity owned by an eligible entity  

that also meets eligible requirements so similar  entities can apply for the svo grant as well  

so other requirements of note must be in operation  must have been in operation as of february 29  

2020 so the business the uh the venue must have  been operated before february 29th 2020 in order  

to qualify for the svo grant venue or promoter  must have must have not have received a ppp  

loan on or after december 27 2020 if the um the  business receive a ppp loan on or after that date  

most probably it will not qualify so amount of the  sbl grant it says a grant amount will be either  

for an eligible entity in operation  on january 1st 2019 grants  

will be on amount equal to 45 45 of their  2019 gross earned revenue or 10 million  

whichever is less for an eligible entity that  began operation after january 1st 2019 grants will  

have the grants will be for the average monthly  gross revenue for each full month you were in  

operation during 2019 multiplied by six or  10 million dollars with whichever is less  

so on the the way they calculate it is they  go quarterly and if either it applies for 45  

of your entire gross revenue or 10 million and  they will go ahead and apply that grant to your  

business sba is in the process of setting up the  grant so this grant is not actually up and running  

but it's in the process of accepting applications  so the good thing about being aware of grants  

that are not currently available  is they can you you can be prepared  

get your documentation in order as soon  as it opens go ahead and apply remember  

it may seem like a lot of money but there's  a lot of businesses that are going to apply  

and funds are limited so it says on january 2021  the sba updated the process plan for issuing  

shutter venue operator grants during the first  and second priority periods so they're gonna  

phase it out apparently the way you can apply  for the grant so it says the first priority  

first first 14 days of grant awards entities  that suffered a 90 or greater revenue loss  

between april 2020 throughout december 2020  due to cover 19 pandemic so if the business  

it's under that category that it has a 90 percent  impact on under revenue loss between those states  

then those would be the businesses that would  be prioritized and given the uh the grant the  

second priority the following 14 days entities  suffered a 70 percent or greater revenue loss  

between april 2020 throughout december 2020  to go away 19. third priority entities that  

suffer 25 or greater revenue loss between april  20 throughout december 20 due to covet 19 pandemic  

and then it says supplemental funding receipts  of first and second priority round who suffer  

a 70 percent or greater revenue loss for the most  recent calendar quarter as of 0401 2021 or later  

allowable use of funds this is very important  if you don't keep records or if you don't use  

the funds the funds as established by this program  and the sba you would be liable for those funds so  

the expenses which are allowable for the sbl  grant is payroll cost rent payment utility  

payment schedule mortgage payments schedule  debt payments worker protection expenditures  

payments to independent contractors not to exceed  100 000 in annual compensation per contractor so  

you cannot exceed 100 000 per contractor annually  other ordinary and necessary business expenses  

include maintenance costs administrative  costs including fees and licensing  

state and local tax and fees operating leases in  effect of february 15 of 2020 insurance payments  

advertisement production transportation  and capital expenditures were related  

to producing a theatrical or live performing arts  production may not be the primary use of funds so  

if you're going to cover any of those expenses the  grant must not be the primary use um the primary  

funds is used to cover those expenses so grantees  may not use funds too this is very important buy  

real estate make payments and loans originated  after february 15 2020 make investments or loans  

make contribution to other payments to on or  behalf of political parties political committees  

or candidates for election any other  use of prohibited by the administrator  

so you gotta make sure you follow the guidelines  very closely because the sba could send you  

a letter or an email stating that they need  proof that you use those funds for the approve  

the approved expenses and it says right here  grantee record keeping grantee will require  

to maintain documentation demonstrating their  compliance with their with the eligibility and  

other requirements the svo grant program they must  retain employment records for four years following  

their receipt of grant and maintain the records  for three years so make sure if you take a grant  

that you keep documentation in a separate  place a separate file specifically  

for the svo grant because the sba may randomly  select the business to be audited under records  

and this could be your business and  you don't want to end up paying the sba  

for not producing the receipts they're requiring  or for misuse of funds for more information you  

could contact the sba gives you the website right  there i just want to say i hope this video it's of  

use and um and it gives you an insight of who can  apply for this grant which is the svo grant how it  

how the svo grant works and if you find this video  informative please go ahead and give it a like a  

thumbs up subscribe to the channel and click  the bell notification i really appreciate it  

giving it a thumbs up and leaving a comment down  below all your questions allows youtube algorithm  

to share this video and the more people that  they're aware of this kind of grant it'll make  

their lives a lot easier they can apply for the  grant and i'm very sure they would appreciate  

it so like always thank you for watching money  talks and i'll see you in the next one take care