WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after the Senate passed the Save Our Stages Act, legislation he authored to provide Small Business Administration grants for independent live music venues, live performance arts organizations, or motion picture theatres affected by COVID-19 stay-at-home orders, as part of the omnibus funding bill. These grants would provide financial support necessary to keep venues afloat, pay employees, and preserve a critical economic sector for communities across America.
“Texas’ historic and world-class entertainment venues were some of the first businesses to close, and many remain shuttered nine months later,” said Sen. Cornyn. “I’m proud to have led the charge in the Senate to ensure they have the resources to overcome lost revenue and mounting bills, and I urge the President to quickly sign this into law so Texans can enjoy their favorite artists at dance halls and live music venues for years to come.”
Background:
Live music and entertainment venues have been hard-hit during the coronavirus pandemic, with 90 percent of venue owners, promoters, and bookers reporting they are at risk of closing without additional financial assistance and an estimated $9 billion in losses should ticket sales not resume until 2021. The Save Our Stages Act would:
- Narrowly define eligibility to ensure only shuttered and at-risk venues qualify for federal grant funding.
- Direct the SBA to make grants to eligible venues equal to the lesser of either 45 percent of operation costs from calendar year 2019 or $10 million
- Permit recipients to use grants for essential expenses incurred during the COVID pandemic
- Require recipients to return remaining funding after one year from the date of disbursement
- Permit recipients to use grants for rent, utilities, mortgage obligations, PPE procurement, payments to contractors, regular maintenance, administrative costs, state and local taxes, operating leases, and capital expenditures related to meeting state, local, or federal social distancing guidelines
- Authorize the appropriation of $15 billion for the grant program