"Velázquez and Chu Urge SBA to Utilize SVOG to Help Small Businesses Hurt by Omicron"
Summary
A press release dated January 25, 2022 reporting that House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) and Rep. Judy Chu (D-CA) wrote to the Small Business Administration urging it to continue helping live venues through the Shuttered Venue Grant Operator (SVOG) program. The release states the program had delivered $14 billion in emergency grants and had $2 billion in unspent funds. It notes that program rules prohibit grantees from using SVOG money for expenses incurred after December 31, 2021. The letter, as quoted, asks Congress and SBA to work together on improvements so arts and performing businesses can survive Omicron-related impacts.
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Full text
Velázquez and Chu Urge SBA to Utilize SVOG to Help Small Businesses Hurt by Omicron January 25, 2022 Washington, D.C.— Yesterday, Rep. Nydia M. Velázquez (D-NY), Chairwoman of the House Small Business Committee, and Rep. Judy Chu (D-CA) penned a letter to the Small Business Administration (SBA) calling on the agency to continue efforts to help live venues through the Shuttered Venue Grant Operator (SVOG) program. To date, the SVOG program has delivered $14 billion in emergency grants to theatres, concert venues, and other entities that rely on in-person events. However, the program currently has $2 billion in unspent funds sitting in its coffers. Program rules also prohibit grantees from using SVOG money to pay for expenses incurred after December 31, 2021. During a committee hearing last week, creative workers and business owners testified on the struggles they continue to face from the pandemic and the surge of the Omicron variant. In the letter, the lawmakers call on SBA to work with Congress to ensure that SVOG continues to serve as a lifeline for struggling business owners. “Because program rules restrict recipients of initial SVOG grants from using proceeds to cover expenses incurred after December 31, 2021, these businesses are left without a tool to address the ongoing crisis. Further, there are $2 billion in unobligated appropriations remaining in the program which must be used to support these businesses as soon as possible,” wrote the lawmakers. “Congress and SBA must work together to make improvements to the SVOG program so that arts and performing businesses can survive Omicron-related impacts.” Read the full letter here.
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