SBA grants $1.2M under Shuttered Venue Operators program in PR
The U.S. Small Business Administration updated the list of grant recipients in Puerto Rico under its Shuttered Venue Operators program, which as of June 28, included nine local businesses that have received a combined $1.2 million.
The data shows that 2,390 grants have been awarded nationally totaling approximately $1.5 billion, with the average award size standing at approximately $643,000. The SBA has decisioned 52%, or 4,291, of all submitted SVOG applications, said Matt Coleman, the agency’s regional communications director.
The SVOG program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, to provide some $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
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.
In the Atlantic region — which comprises New York, New Jersey, Puerto Rico and the US Virgin Islands, 377 SVOG awards, or about 16% of the current national total, have been made for a total of $215.7 million.
The nine awardees in Puerto Rico so far are: J&N Entertainment LLC in Bayamón ($231,773); Town Center Cinema Corp. in Mayagüez ($194,554); Ward Class Events Inc. in San Juan ($52,316); Cero Respuesta Corp. in San Juan ($42,093); YBG Productions in San Juan ($9,024); Bea Music, Inc. in San Juan ($346,544); Sparkof Entertainment Group Corp. in San Juan ($123,881); Dynasty Corp in San Juan ($178,011) and, ACC Studios in Yauco ($6,675).
There are no awards so far in the USVI, the SBA spokesman confirmed.