Congress earmarked $15 billion in grants for performing arts venue operators impacted by the pandemic and here’s what you need to know.
On December 27, 2020, a congressional stimulus bill that was passed and signed into law by then President Trump had several provisions to help US residents through the COVID-19 crisis. Among these are additional stimulus payments, enhanced and extended Federal unemployment benefits, additional Paycheck Protection Program (PPP) money, simplified PPP forgiveness rules, an extension of the temporary charitable contribution deduction for taxpayers who take the standard deduction, and a doubling of the business meals deduction from 50% deductible to 100% deductible for the years 2021 and 2022 so long as the meal is purchased from a restaurant. (Takeout meals are okay.) These provisions should provide some help to all of us as we continue to weather the economic crisis.
But one item in the bill will specifically help people in the arts. Congress earmarked $15 billion in grants for arts venue operators whose income decreased due to the pandemic crisis. The money is meant to help these organizations weather the rest of the crisis, with priority given to the hardest-hit venues, and $2 Billion set aside for smaller, so called, “main street” venues. The funding is targeted primarily towards live venue operators, movie theaters, talent representatives, and live performing arts organizations. Museums (including zoos and aquariums) are eligible with some additional restrictions.
So, what do these grants look like? The Shuttered Venue Operators (SVO) Grant money, which will be administered by the Small Business Administration (SBA), provides grants of up to 45% of the organizations’ gross earned revenue (or $10 million, whichever is less). …read more…
This article first appeared on Hyperallergic on February 23, 2021.
