The Small Business Administration announced Friday that applications for Save Our Stages grants will open on April 8, 2021.
The program, also known as the Shuttered Venues Operators Grant program, will offer grants of up to $10 million to eligible theater owners, producers, promoters and talent representatives, in a move that is expected to help Broadway reopening efforts. The grants are meant to cover payroll costs, rent, mortgage payments and utilities.
“The SBA knows these venues are critical to America’s economy and understands how hard they’ve been impacted, as they were among the first to shutter. This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more,” said SBA Administrator Isabella Casillas Guzman.
Businesses that can prove a loss of 90% of revenue will be the first group eligible to apply, followed by those that have lost at least 70% of their revenue.
Total funding for the grant program has been expanded to $16.25 billion, thanks to a provision passed as part of the American Rescue Plan. Potential grant recipients can also apply for a loan from the Paycheck Protection Program without losing eligibility.
The guidance has also been updated to include Broadway productions that opened or were preparing to open in 2020, but do not have 2019 as a comparison for lost revenue.
Ahead of the application process, the SBA will host an informational webinar on March 30.