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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.

Author Details
Author Details
Business reporter with 29 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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