We discuss the ever-changing guidance around the conditions attached to the distribution of these funds and the specific requirements your organization needs to execute.

1. September 22, 2021
Showtime for Shuttered Venue
Operators Grant (SVOG) Recipients
How to avoid risk of noncompliance and
refunding grant funds – The curtain will be
falling soon

2. WELCOME
• A Few Keys to Getting Started…
o You are in listening mode only and today’s session is being recorded.
o You will have the opportunity to submit questions to our presenter by typing your questions into
the Q&A pane from the control panel.
o You can also submit your questions by raising your virtual hand and we will open your
microphone.

3. OUR MODERATOR & PANELISTS
NYC Managing Partner &
Restaurant and Hospitality
Practice Co-Leader
sgilbert@citrincooperman.com
Stacy Gilbert
Partner & West Coast Music
Practice Leader
mkaplan@citrincooperman.com
Mark Kaplan
Partner & Restaurant and
Hospitality Practice Co-Leader
rgilbert@citrincooperman.com
Robert Gilbert
Partner & Not-For-Profit
Practice Leader
jeusanio@citrincooperman.com
John Eusanio

4. SVOG BACKGROUND & OVERVIEW
AGENDA
USE OF FUNDS
AUDIT TYPES AND INTERNAL
CONTROL ISSUES
RISK CONSIDERATIONS
QUESTIONS & ANSWERS

5. into
SVOG BACKGROUND & OVERVIEW
The Shuttered Venue Operators Grant (SVOG) program was created
when the Economic Aid to Hard-Hit Small Businesses, Nonprofits,
and Venues Act (the Act) was signed into law on December 27,
2020. The Act provided small business owners with much-needed
capital to help them survive the pandemic and included critical
resources for the smallest businesses. A total of $16.25 billion has
been appropriated towards funding the SVOG program. This aid had
been long awaited and vigorously fought for by operators with
venues that could not open and operate for the past year and a half.
The SBA application process began in April 2021 and is no longer
accepting applications. The SBA is now sending invitations for
supplemental awards to those who received an initial grant and
have illustrated a 70% loss when comparing 2021’s 1st quarter
revenues to the same in 2019.
5

6. into
AUDIT TYPES AND INTERNAL
CONTROL ISSUES
➢ Internal Controls
➢ What’s a Financial Statement Audit?
➢ What’s a Single Audit?

7. into
USE OF FUNDS
Can:
➢ Payroll costs
➢ Rent payments
➢ Utility payments
➢ Scheduled mortgage payments
➢ Scheduled debt payments
➢ Worker protection expenditures
➢ Payments to independent contractors (not to exceed $100,000 in annual compensation
per contractor)
➢ Other ordinary and necessary business expenses, including maintenance costs
➢ Administrative costs
➢ State and local taxes and fees
➢ Operating leases in effect as of February 15, 2020
➢ Insurance payments
➢ Advertising, production transportation, and capital expenditures related to producing a
theatrical or live performing arts production

8. into
USE OF FUNDS
Can Not:
➢ Buy real estate
➢ Make payments on loans originated after February 15, 2020
➢ Make investments or loans
➢ Make contributions to political parties
➢ Any other use prohibited by the Administrator

9. into
RISK CONSIDERATIONS
Consequences of Non-Compliance
➢ Funds may lead to certain amounts being withheld
➢ Subject to potential take back by the granting agency
➢ Suspension or termination of the program in its entirety
➢ Other legal actions
The consequences of not meeting single audit reporting deadlines or being noncompliant
with programmatic requirements poses several potential risks and concerns for
organizations.

10. QUESTIONS & ANSWERS

11. Citrin Cooperman
• www.citrincooperman.com
• Any questions, email us at SVOG@citrincooperman.com
Articles
• Shuttered Venue Operators Grant: Compliance Considerations and Non-Compliance
Consequences
• The Curtain Rises on the SVOG
SBA
• https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-
operators-grant
• Checklist - https://www.sba.gov/sites/default/files/2021-03/3-11-
21%20SVOG%20application%20checklist-508.pdf
• FAQs - https://www.sba.gov/document/support-faq-regarding-shuttered-venue-operators-grant-
svog
RESOURCES

12. DISCLAIMER
These materials provided by Citrin Cooperman & Company, LLP, are intended to provide general
information on a particular subject or subjects and are not an exhaustive treatment of such
subject(s) and are not intended to be a substitute for reading the legislation. Any advice contained
in this communication, including attachments and enclosures, is not intended as a thorough, in-
depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. The materials are
being provided with the understanding that the information contained therein should not be
construed as legal, accounting, tax or other professional advice or services. Before making a
decision or action that may affect you or your business, you should consult with Citrin Cooperman &
Company, LLP, or another qualified professional advisor. The materials and the information
contained therein are provided as is, and Citrin Cooperman & Company, LLP, makes no express or
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13. THANK YOU
For Participating!