HITS Daily Double


Senators from Texas and Minnesota have introduced the Save Our Stages Act that would create a $10b grant program for independent music venues affected by the COVID-19 pandemic.

The bill from Sens. John Cornyn and Amy Klobacher would allow independent live venue operators, promoters and talent representatives to receive grants from the Small Business Administration for either 45% of 2019’s operation costs or $12m, whichever number is smaller. Recipients can use the grants 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.

It opens the door for the SBA to issue supplemental grants if funding remains. Recipients would have to return remaining funds after one year from the date of disbursement.

Adam Hartke of the National Independent Venue Association said the act “will provide the assistance we need to get through the shutdown until we can reopen safely and once again become the economic generators for our communities that we’ve always been.”