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.