Independent concert venue owners say they expect to shut down permanently in a few months if no federal funding becomes available.
“Current PPP funding will not solve the crisis,” States a report.
About 600 artists have supported the request for federal relief by highlighting the #SaveOurStages hashtag, including Lady Gaga, Neil Young, the Black Keys, Billy Joel, Alabama Shakes, Kacey Musgraves, Gary Clark Jr., the Zac Brown Band and Patti Smith.
There will be $9 billion lost in ticket sales alone by the end of the year if venues can’t reopen, not counting food and beverage revenue.
Bipartisan Restart legislation was introduced by senators Michael Bennet (D-Colo.) and Todd Young (R-Ind.). Almost 150 members of Congress have supported the bill in letters to leaders of the Senate and House of Representatives.
The Restart Act would, among other things, finance six months’ worth of payroll, benefits and fixed operating costs; permit flexible use of loan proceeds and loan forgiveness; expands eligibility to small businesses with a good deal of part-time employees; and implement a seven-year payback schedule, where principal payments wouldn’t be due for two years and interest payments would be deferred for one year.
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