Newly Passed American Rescue Plan Includes Amendment Allowing Venues To Apply For Both PPP Loans And Save Our Stages Grant Money

President Biden has now signed and passed the American Rescue Plan, allowing music venues to apply for Payroll Protection Plan (PPP) loans from now until March 31, 2021 as well as Shuttered Venue Operation grants (SVOG) which there has yet to be a start and end date for.Dayna Frank, NIVA Board President and CEO of First Avenue Productions in Minneapolis released a statement regarding the passing. “This change can save countless venues from bankruptcy, as the immediate PPP2 money will help them hold on until the SVOG funds flow. This entire industry is grateful to President Biden for the relief the Majority Leader Senator Schumer for spearheading this provision and Senators Cornyn and Klobuchar for championing our cause with the Save Our Stages Act.”

The PPP2 money can help eligible independent venues and promoters to hold on until SVOG funding starts being distributed. Any amount of PPP2 money taken by a recipient will be reduced from SVOG funds, i.e., if a venue is eligible for $100,000 SVOG and they have taken $25,000 in PPP2 funds, their SVOG cannot exceed $75,000.

Adam Hartke, NIVA’s Advocay Cochair and owner of The Cotilian and WAVE in Wichita, Ks added that he is hoping to have the deadline be extended for PPP loans “Now that independent venues and promoters can be eligible for both PPP2 and SVOG, we’re hoping Congress will extend the deadline for applying for PPP2, since it’s set to close March 31, or in just 14 business 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 the COO of RIAA Michele Suzanne Ballantyne were added to name a few.