Businesses of the live entertainment industry received much-needed news from the Small Business Administration (SBA). As a matter of fact, they have been awarded roughly $7.5 billion of the $16 billion the federal government set aside for the program back in December. More than 15,400 applications have already been submitted for the grant program, requesting a total of $12 billion. Obviously, the music industry will breathe a little better with this kind of help.
SBA administrator Isabel Casillas Guzman mentioned in an announcement that the establishment of the program was not easy. “After I started my tenure at the SBA, this fundamental-of-its-kind SVOG program was once not the build I needed it to be.” “I’m proud that, due to the onerous work and dedication of our proficient group, we now safe got turned into the ship around. The United States’s small companies can rest assured that the SBA will proceed to work around the clock to invent the reduction that is wished to revitalize native economies and invent abet better from the pandemic and economic crisis.”
In seven weeks, the SBA increased its number of grants drastically. In fact, they went from awarding just over 100 grants on June 10 to more than 10,000 to date. However, there is still some work left. Of all the applications submitted, about 600 of them are left to be decided. Apparently, the SBA will finish review those next week.
In addition to that, roughly 2,500 applications have been declined. On Aug. 4, the SBA will begin accepting appeals from entities who believe they were wrongly declined for an award. Following appeals and reconsiderations, the SBA will open the process for accessing supplemental grants.
Stay tuned for more news !