COVID-19 hit the music industry hard. As operations have been shut down for longer than anyone ever anticipated, independent venues all over the country are still feeling the heat. Luckily, there’s a light at the end of the tunnel.
New Bill to Save Independent Music Venues
What is it?
Democratic Sen. Amy Klobuchar has co-authored the Save Our Stages Act with Sen. John Cornyn, R-Texas, which will provide Small Business Administration grants to music venues that have been struggling to stay in business during the COVID-19 pandemic.
- The Save Our Stages bill asks for $10 billion to help venues through the next six months.
- These funds would be distributed via grants of up to $12 million per venue, or 45% of the venues’ operating costs in 2019.
What this means for independent venues…
This act would differ from previous bills like the Paycheck Protection Loan which only allowed loans for small businesses to be forgiven if the money went to payroll.
The Save Our Stages bill pledges to “narrowly define independent live venue operators, promoters, and talent representatives to prevent large, international corporations from receiving federal grant funding.”
“The Save Our Stages Act would permit recipients to use grants for costs incurred during the COVID pandemic as well as for rent, utilities, mortgage obligations, PPE procurement, payments to contractors, regular maintenance, administrative costs, taxes, operating leases, and capital expenditures related to meeting state, local, or federal social distancing guidelines.” — Billboard
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To pledge your support for Save Our Stages, click here.