SBA Says Supplemental Grants Available for SVOG Recipients

The Small Business Administration (SBA) says supplemental money awards for Indoor Space Operators Grant (SVOG) recipients will start coming out in two weeks. As an SVOG award recipient, you can now apply for supplemental SVOG funds to alleviate any additional financial hardship caused by the pandemic.

Supplementary Scholarships for SVOG Recipients

The SVOG Supplemental Awards are for companies that received the grant after the law was passed December 27, 2020. Since that time, the SBA says more than 11,500 places have received about $9 billion in grants. This supplemental grant will be available to you if you can show a loss of 70% when comparing the revenues of the first quarter of 2021 with the same revenues in 2019.

You can apply for any amount up to 50% of the original SVOG amount. However, it does have a maximum of $10 million for initial and supplemental bonuses combined. In addition, you can use the supplemental funds from the scholarship to cover expenses accrued until June 30, 2022. Furthermore, it allows you to extend your budget period to 18 months from the initial scholarship disbursement date.

The SBA goes on to say if there is insufficient funding for all eligible applicants for a supplemental award, it will prioritize applicants who demonstrated the largest loss of revenue in the first quarter of 2021 compared to the first quarter of 2019.

You can go to the SBA page for the SVOG application. When you get to the page, it will say that it is no longer accepting requests, but this is for new applications. If you are an active applicant and have been awarded an award, log in to your account and continue.

Economic impact of site operators

The economic impact of space operators in cities large and small is huge. From movie theaters and concert halls to convention centers and stadiums, they employ many people in various industries. And the related businesses they support in communities across the country cannot be underestimated.

This is especially the case for the many small businesses that rely on providing catering, security, janitorial services, and more. When the pandemic closed these places, the impact on the small businesses that depend on them was immediate. So, getting that extra income for these operators is crucial.

In the statement, Matthew Stevens, director of the SBA’s Indoor Operator Grants Program, said, “We know that many of these companies still need help to fully recover from the unexpected expenses and debt caused by the pandemic.” He continues, “These supplemental grants will go to grant recipients to operators of the hardest-hit places to ensure they are able to get back on their feet and return to the business of leading our nation’s economy.”

Programs to help small businesses

In addition to SVOG, the SBA has helped millions of companies. You’ve given over a trillion dollars in aid to America’s communities.

You can get more information about the SBA’s economic relief programs by visiting COVID-19 Relief Options.

Photo: Depositphotos

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