Struggling movie theaters and event venues to get $15 billion in federal aid
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The year 2020 has been like no other. An economic shutdown with millions of people losing their jobs, hopes are high that 2021 will be a better year. Event venues and music halls have been waiting for congress to provide some kind relief.
The Coronavirus relief act that Congress signed this week includes grant money that small properties described as their last hope for survival. The relief package passed on December 21st includes a 15 billion dollar federal aid to help closed theaters and silent halls.
“This is what our industry needs to make it through,” said Dayna Frank, the owner of First Avenue, a storied music club in Minneapolis. Also being the board president of the National Independent Venue Association, which launched in April, has pushed Congress for relief with more than 3,000 members backing her.
Broadway theaters, which have been closed since March applauded the relief package. “We are grateful for this bipartisan agreement which will provide immediate relief across our industry and a lifeline to the future,” said Charlotte St. Martin, the president of the Broadway League, the trade organization for producers and theater owners.
The bill allows independent entertainment businesses, such as music venues, movie theaters, and other cultural entities to apply for grants from the Small Business Administration to support six months of payments to employees and for costs including rent, utilities and maintenance. Applicants must have lost at least 25 percent of their revenue to qualify, and those that have lost more than 90 percent will be able to apply first, within the first two weeks after the bill becomes law. Grants will be capped off at 10 million.
The broader relief package will give most Americans a $600 stimulus check. The bill also provides $300 weekly enhanced unemployment payments to most jobless Americans. The $900 billion stimulus package is far smaller than the $2.2 trillion CARES Act passed in March.
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