The Save Our Stages Act plans on giving $15 billion to independent performance venues, movie theaters, and other similar organizations as well as managers, promoters, and agents. These institutions and careers have been dramatically affected by COVID-19 and now, the Save Our Stages Act may serve as a lifesaver for these individuals and organizations.
Many of these individuals and organizations had stellar years in 2019 and looked to continue that momentum into 2020. Unfortunately, the entertainment industry was rattled by the lack of live events, leaving independent performance venues, movie theatres, and similar organizations with very minimal income opportunities.
Last week, President Donald Trump signed a COVID-19 relief bill that will help individuals and organizations retain some of their lost income as a result of COVID-19. Much like the relief bill, individuals and organizations will need to qualify in order to be considered for the Save Our Stages Act.
In order to qualify for the first window of the Save Our Stages Act, organizations must have lost at least 90% of their gross revenue from 2019. In order to qualify for the second window of the Save Our Stages Act, organizations must report a gross revenue loss of 70%. In addition to these qualifications, the Save Our Stages Act has set aside $2 million just for organizations with 50 or fewer total employees.
The funds will be dispersed through the Small Business Administration who are also working directly with The National Independent Venue Association to help develop a proper application process in order for the funds to be dispersed.
These actions will help re-generate businesses and event companies as well as promoters and agents in order to help reimburse lost funds and get the events industry back on its feet. It will be exciting to see how these funds are re-distributed back into the events industry and what changes will be made because of it.
Source – Post Bulletin
Feature Photo – NIVA