See how Austin venues received grants for shuttered site operators: Federal program gave $ 130 million to more than 100 local businesses – Music
After the pandemic disrupted live performances, Austin Music Spaces rallied with the National Independent Venue Association in providing federal funds for COVID-19 emergency relief. So what happened to the national Save Our Stages effort?
Khruangbin fans at Stubb on September 16, 2021. (Photo by Jana Birchum)
After numerous delays, the Small Business Administration awarded more than $ 11.3 billion through the Shuttered Venue Operators Grant over the summer. More than $ 130 million went to Austin-based concert and performing arts venues, as well as museums, cinemas, arts organizations, event promoters and talent representatives.
Of the 108 local groups that received funding, the top five went to: UT Austin, Messina Touring Group, South by Southwest, Alamo Drafthouse South Lamar and Alamo Drafthouse Lakeline. Messina Touring Group promotes tours for stars like Kenny Chesney, Taylor Swift and George Strait. Check out the largest to smallest numbers for all of the award-winning Austin companies below, according to the latest data released on October 18.
The grant amounts were calculated on the basis of 45% of the company’s 2019 gross revenue before the pandemic. Some award-winning companies that experienced a revenue loss of 70% or more in the last calendar quarter of 2021 then received a second round of additional SVOG funding. Combined initial and additional funding capped at $ 10 million.
The only Austin beneficiary to reach the top cap of $ 10 million was UT Austin, which owns the Frank Erwin Center alongside other campus venues like Bass Concert Hall.
As long as companies follow SBA rules, funds should not be returned. Grants can be used for payroll, rent, utilities, mortgage, debt repayments, insurance, and other typical business expenses. To be eligible, businesses must have been in business by February 29, 2020.
The grant amounts below reflect the combined total of initial and additional grants from companies. The original data listed many recipients by LLC names, which has been updated here to reflect their most common public names.