Leadership / 08.05.20
Live Industry Waits as Congress Crafts Final Aid Package
Pollstar (07/30/20) Rendon, Francisco
The U.S. live industry is awaiting a final relief package from Congress for this year, as the $2 trillion-plus Coronavirus Aid, Relief, and Economic Security Act expires. Sources said the House and Senate hope to have the relief bill done before the Aug. 8 break, although permission may be granted for representatives to work from home to work past that deadline. "I feel that there will ultimately be a single bill after the two sides [Democrats and Republicans] work out an agreement," said Bandit Lites CEO Michael Strickland. "It is only a guess what is in and what is out." Strickland cited additional Paycheck Protection Program funding, "grant-style" loans with favorable repayment terms, and more Enhanced Unemployment Insurance as the industry's most pressing issues. He also expects the final package to incorporate features from other proposals in circulation, including the Save Our Stages (SOS) Act, the Reviving the Economy Sustainably Towards a Recovery in 2020 (RESTART) Act, and the Entertainment New Credit Opportunity for Relief & Economic Sustainability Act. The National Independent Venue Association's Audrey Fix Schaefer said even if venues are allowed to open with restricted capacities, revenues from small shows will not offset the losses of operating, which makes the aid proposed by RESTART and SOS critical.
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Tags: Regulations , News , COVID-19 , Coronavirus