According to a press release from Cornyn's and Klobuchar's offices, small live music and entertainment venues have been heavily impacted due to stay-at-home orders and coronavirus closures, with around 90% of venues, bookers and promoters reporting around $9 billion in combined losses since March.
The press release states the Save Our Stages Act, if approved, would do the following:
- Narrowly define independent live venue operators, promoters and talent representatives to prevent large, international corporations from receiving federal grant funding;
- Direct the U.S. Small Business Administration to make grants to eligible venues equal to the lesser of either 45% of operation costs from calendar year 2019 or $12 million;
- Allow the SBA to issue supplemental grants in the future if funding remains available and applicants can demonstrate need;
- Permit recipients to use grant funds for costs incurred during the coronavirus pandemic;
- Require recipients to return remaining funding after one year from the date of disbursement;
- Permit recipients to use grant funds 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; and
- Authorize the appropriation of $10 billion for the grant program.