ABSTRACT

SBA Shuttered Venue Operators Grant Program (SVOG) [Updated June 17, 2021]   [open pdf - 1MB]

From the Summary: "The Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs to assist their recovery from natural disasters; loan guaranty and venture capital programs to enhance their access to capital; management and technical assistance training programs to assist business formation and expansion; and contracting programs to increase their opportunities in federal contracting. [...] This report focuses on the new $16.25 billion SVOG [Shuttered Venue Operators Grant] program--authorized by P.L. [Public Law] 116-260, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Division N, Title III of the Consolidated Appropriations Act, 2021), provided an additional $1.25 billion by P.L. 117-2, the American Rescue Plan Act of 2021, and administered by the SBA's Office of Disaster Assistance--which provides grants to shuttered venues affected by the COVID-19 [coronavirus disease 2019] pandemic. [...] This report examines the SVOG's legislative origins, implementation, eligibility requirements, grant amounts, statutory requirements prioritizing the grant awards to qualified applicants who have suffered the greatest economic loss, allowable use of proceeds, and recordkeeping requirements. It assesses the administrative challenges facing the SBA, which has a great deal of experience administering lending programs but much less experience administering grant programs for for-profit businesses. It also discusses congressional oversight issues likely to arise over the coming months, including assessing the program's efficacy in assisting small businesses."

Report Number:
CRS Report for Congress, R46689
Author:
Publisher:
Date:
2021-06-17
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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