November 29, 2021

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Nearly 300 Tennessee businesses awarded $310M in shuttered venue grants | State

(The Center Square) – For 299 venues and corporations across Tennessee, the federal Shuttered Location Operators Grant compensated out as a great deal as $10 million for every organization.

Operated by the U.S. Little Small business Administration, the application sought to assist amusement venues, theaters, museums, aquariums, expertise reps and comparable corporations that were pressured to shut down – partially or fully – through the COVID-19 pandemic.

The plan granted $310.5 million to Tennessee companies and $16 billion nationally. The grants sent $1 million or more to 75 diverse Tennessee companies.

Grants were being capped at $10 million, and 3 of the best five recipients in Tennessee were from the exact same tackle: the company places of work of Malco Theatres in Memphis.

Amongst 4 names (Malco Point out Road LLC, Malco Theatres Inc., Malco Magnolia Cinemas LLC and Malco Ventures LLC), the organization gained $38.4 million in grants.

When questioned about the grants and their impact, a agent for Malco Theatres said, “We are not supplying any official interviews relating to the SVOG grants.” In its place, Malco presented a assertion.

“The past 18 months were devastating for our business, our company, and our staff members,” the assertion explained. “These grants were being critical to our survival and have enabled us to keep afloat in get to satisfy our obligations, such as using 1,500 persons.”

The Little Small business Administration established apart at least $2 billion of the grant funds for venues and operations with 50 or fewer personnel.

Applicants obtained 45{fe39996d5c619a1c3d14974305670b8d7849a0a4c1998f862fb7131bb38f5cdb} of their 2019 gross acquired income with a $10 million cap for each grant. Grantees experienced to have been open Feb. 29, 2020, to obtain an award, and organizations that been given Paycheck Defense Plan loans on or just after Dec. 27, 2020, experienced their grants lowered by the total of the PPP financial loans.

SBA Administrator Isabel Guzman was in Nashville on Monday at a person of the grants recipients with U.S. Rep. Jim Cooper, D-Tenn., who signifies Tennessee’s 5th Congressional District all over Nashville.

“Over 12,000 corporations so far have acquired assistance from the Shuttered Location Operators Grant software,” Guzman tweeted. “[U.S. Rep. Jim Cooper] and I visited one of them nowadays in the great town of Nashville. [Rudy’s Jazz Room] provides Nashville Jazz and New Orleans creole with each other to type one outstanding encounter.”

Rudy’s Jazz Space gained $427,395 in the initially wave of grants and $282,000 in the next wave.

“Spearheaded by Household Democrats, pandemic aid assist has saved so quite a few of our nearby venues and treasures,” Cooper tweeted in reaction. “I’m happy SBA selected to emphasize this accomplishment in Nashville.”

Additional than 100 Nashville companies acquired the grants, together with 35 from Memphis and 20 from Knoxville.

Some of the major recipients outside the house of Malco ended up Good Alternative Investments in Pigeon Forge ($10 million), Outback Provides in Nashville ($9.7 million), Tennessee Accomplishing Arts Middle in Nashville ($9.3 million in Round 1 and $695,000 in Round 2), Tennessee Aquarium in Chattanooga ($8 million), State Music Foundation in Nashville ($8 million), Orpheum Theatre Group of Memphis ($7.6 million), Starstruck Administration Group of Nashville ($6.9 million), Beale Avenue Blues of Memphis ($6.2 million), The Tivoli Theatre Foundation of Chattanooga ($5.7 million in Round 1 and $2.9 million in Round 2) and Country Thunder Holdings of Madison ($5.3 million).