SBA awards $625K in Shuttered Venue Operators Grants to 5 Puerto Rico businesses
The U.S. Small Business Administration confirmed it has awarded $625,639 in Shuttered Venue Operators Grant program funding to five businesses in Puerto Rico.
This grant provides emergency assistance for eligible venues affected by COVID-19. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees, the agency stated on the program’s website.
The five businesses that have benefitted from the funding in Puerto Rico are: Bea Music Inc. ($346,544); Cero Respuesta Corp. ($42,093); Dynasty Corp. ($178,011); Ward Class Events Inc. ($52,316); and ACC Studios ($6,675).
As of June 21, no businesses in the US Virgin Islands had received funding through the emergency program, the SBA confirmed.
Throughout the SBA’s Atlantic region — which covers New York, New Jersey, Puerto Rico and USVI — 236 Shuttered Venue Operators Grant awards, or about 20% of the current total, have been made for a total of $109.87 million, said Matt Coleman, spokesman for the federal agency.
A total of 1,145 awards have been made nationally totaling $883.4 million, with the average award size being $577,000, he confirmed.