Performing Arts

Local independent theater, performing arts venues to receive federal aid through ‘Save Our Stages’ Act

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        Create a new grant program at the Small Business Administration to provide assistance to independent live venue operators, promoters, producers, talent representatives, independent movie theaters, and cultural institutions.

·        Permit recipients to use grants for various costs, including those associated with COVID-19:

o   Rent, utilities, mortgage obligations, payments to contractors, regular maintenance, administrative costs, taxes, operating leases; and

o   PPE procurement, capital expenditures related to meeting state, local, or federal social distancing guidelines.

·        Grants are narrowly targeted and appropriately calculated to provide 6 months of operating assistance for small and independent live venue operators and their industry partners.

o   Grants are equal to the lesser of 45% of gross revenue during 2019; or

o   $10 million

·        To ensure the hardest hit of eligible applicants receive assistance, there are two priority application periods. The first 14 days, only eligible entities that have lost more than 90% of gross revenue can apply. The next 14 days, only eligible entities that have lost more than 70% can apply. A reserve of 20% of overall appropriated funds, $3 billion out of the $15 billion provided, will remain available for all other eligible entities to apply for after 28 days.

·        There is a $2 billion set-aside of funds for eligible entities with 50 or fewer employees to ensure smaller applicants are not left out.

·        An entity is still eligible for a grant if they have received a PPP loan prior to implementation of the program, but the entity may not receive a PPP loan and a grant after implementation of the program.

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