Key Takeaways:
- The SVOG program distributed billions to assist live venues and operators impacted by COVID-19, with mandatory audits required for recipients of $750,000 or more.
- For-profit entities were required to submit SVOG audit packages by the later of nine months after the July 22, 2022, guidance or nine months after their 2022 fiscal year end.
- Organizations that missed the deadline should complete their audits immediately, submit them to the SBA, and be prepared to justify any delays.
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The Shuttered Venue Operators Grant (SVOG) program provided more than $16 billion in emergency assistance to live venues, performing arts organizations, theatrical producers, museums, movie theaters, and other eligible businesses impacted by the COVID-19 pandemic. Recipients that received $750,000 or more in SVOG funds were required to complete an audit by a third-party auditor.
For for-profit organizations, the deadline for submitting SVOG audits to the Small Business Administration (SBA) was the later of nine months after the release of SVOG For-Profit Guidance Document (which was issued on July 22, 2022) or nine months after the end of the entity’s fiscal year. This means all companies required to submit an SVOG audit should have done so prior to the conclusion of 2023.
If you missed this deadline, here are the key things you need to do:
- Complete the audit process immediately if you haven’t already done so. The audits are mandatory for SVOG recipients above the $750,000 threshold.
- Submit your completed audit package to the SBA as soon as possible after completion. There is no formal extension or grace period, so submitting late is better than not submitting at all.
- Be prepared to justify the late submission and any delays in completing the audit process. The SBA may request an explanation.
- Maintain all records and documentation related to your SVOG award and spending for future audits or reviews.
SVOG audits provide accountability for the proper use of these emergency pandemic relief funds. Failure to complete and submit the required audit can potentially result in having to return a portion or all of your SVOG funds received.
If you missed the deadline to complete your SVOG audit, MGO can help. Please contact our team immediately for assistance fulfilling this requirement.