How the Coronavirus Relief Agreement Affects the Save Our Stages Act

As BroadwayWorld reported yesterday, Congress has reportedly reached an agreement on the forthcoming $900 billion stimulus package, including full funding for the Save Our Stages Act, which will provide approximately $15 billion in relief to independent music and live theater venues.

A statement from House Speaker Nancy Pelosi (D-CA) and Senate Democratic Leader Chuck Schumer (D-NY) reads:

"Democrats secured critical funding and policy changes to help small businesses, including minority-owned businesses, and nonprofits recover from the pandemic. The agreement includes over $284 billion for first and second forgivable PPP loans, expanded PPP eligibility for nonprofits and local newspapers, TV and radio broadcasters, key modifications to PPP to serve the smallest businesses and struggling non-profits and better assist independent restaurants, and includes $15 billion in dedicated funding for live venues, independent movie theaters, and cultural institutions. The agreement also includes $20 billion for targeted EIDL Grants which are critical to many smaller businesses on Main Street."

Senator Amy Klobuchar, who penned the bill with Senator John Cornyn, wrote:

"We're thrilled that Congress has heard the call of shuttered independent venues across the country and provided us a crucial lifeline by including the Save Our Stages Act in the COVID-19 Relief Bill," said Dayna Frank, owner and CEO of Minneapolis legendary First Avenue concert venue and board president of the National Independent Venue Association. "We're also incredibly grateful that this bill provides Pandemic Unemployment Assistance which will help the millions of people who lost their jobs through no fault of their own during this economic crisis. We urge swift passage of this legislation, which will assist those in the greatest need and ensure the music lives on for generations to come."

The Broadway League even chimed in with thanks over the weekend:

President Elect Joe Biden already admits that the work is far from over. "This action in the lame duck session is just the beginning. Our work is far from over," reads a recent statement. "Immediately, starting in the new year, Congress will need to get to work on support for our COVID-19 plan, for support to struggling families, and investments in jobs and economic recovery. There will be no time to waste. But I am optimistic that we can meet this moment, together. My message to everyone out there struggling right now, help is on the way."

Read more about Save Our Stages at https://www.saveourstages.com/.