The emergency funding is part of a wider £29 million package of support for the cultural sector agreed by the Stormont Executive.
But demand for the funding has been far in excess of the money available.
Organisations seeking support were expecting a decision on who would receive money on Friday, January 29.
That decision has been delayed.
The Arts Council, which is administering the scheme, said it hoped to make an announcement “close to” Monday, February 8.
The council’s chief executive Roisin McDonough had previously warned there was £16 million less in the emergency fund than was needed.
Many arts and entertainment venues have been closed since March and do not know when they can reopen to audiences.
The likes of the Playhouse and the Millennium Forum in Derry have been closed to the public since March, cancelling Christmas pantos which are widely enjoyed in the city.
That has left many venues and organisations facing substantial deficits and uncertainty.
Ulster University’s Economic Policy Centre (UUEPC) has warned that more than one-third of jobs in arts, culture and heritage are vulnerable as a result of coronavirus restrictions.
According to the latest UK-wide figures from the Office for National Statistics, three-quarters of arts, entertainment and recreation businesses said their turnovers in the second half of December were lower than usual – the joint highest of any sector, along with accommodation and food services.
And half of arts, entertainment and recreation staff were on furlough – more than for any other industry.
The Stability and Renewal Programme for Organisations was opened by the Department for Communities (DfC) for applications in October.
There was £7.75m available in funding for galleries, venues, festivals, independent cinema, TV and film production, music, drama and other arts and entertainment sectors.
The process is being run by the Arts Council but they have received eligible applications from 185 organisations requesting over £24m.
In a statement, the Arts Council said: “The assessment process has been complex, involving a wide range of organisations from the arts and culture sectors as well as creative industries and live entertainment sectors.
“Final decisions will be made by the Arts Council Board and the process will take just over a further week to complete, with quite likely an announcement made close to 8 February.
“We are conscious of the needs of all applicant organisations at this difficult time and are making very best efforts to conclude the process and inform applicants as soon as we possibly can.”Tags: