New US bailout includes amendment allowing sites to apply for both PPP loans and save money on our steps

New US bailout includes amendment allowing sites to apply for both PPP loans and save money on our steps

President Biden has now signed and adopted the US bailout, allowing concert halls to apply for Payroll Protection Plan (PPP) loans until March 31, 2021 as well as Shuttered Venue Operation (SVOG) grants that have not yet started. and end date for. Dayna Frank, chairman of the board of directors of NIVA and CEO of First Avenue Productions in Minneapolis, has released a statement regarding the death. “This change can save countless sites from bankruptcy, as the immediate PPP2 money will help them hold on until the SVOG funds flow in. This whole industry is grateful to President Biden for the relief given to Majority Leader Senator Schumer for leading this provision and to Senators Cornyn and Klobuchar for championing our cause with the Save Our Stages Act. “

PPP2 money can help independent sites and eligible promoters hold on until SVOG funding begins to flow. Any amount of PPP2 money taken by a beneficiary will be reduced from SVOG funds, i.e. if a location is eligible for $ 100,000 SVOG and has taken $ 25,000 in PPP2 funds, their SVOG will not cannot exceed $ 75,000.

Adam Hartke, co-chair of NIVA and owner of The Cotilian and WAVE in Wichita, Ks added that he hopes the deadline for PPP loans will be extended. PPP2 and SVOG, we are hoping that Congress will extend the application deadline for PPP2, as it will close on March 31, which is in just 14 working days.

Earlier this year, many well-known musicians and industry professionals were added to the advisory board. Dave Grohl, Killer Mike, Quincy Jones and Noelle Scaggs of Fitz and The Tantrums and RIAA COO Michele Suzanne Ballantyne have been added to name a few.


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