Senate Bill Adding Billions To The SBA’s COVID-19 Paycheck Protection Program
Leading artist rights and music companies are applauding yesterday’s Senate passage of a bill to add $310 billion to the Small Business Administration’s COVID-19 loan program, including $50 billion for loans for economic disaster aid. The House is expected to approve the bill later this week. Once signed into law, it is expected to take a day or two before the funds will be available. The SBA will not accept new PPP loan applications until the appropriations of this new funding is made.
The original $349 billion allocated to the Paycheck Protection Program loans for small businesses quickly ran out based on high demands. Subsequently, some have spoken out about the large public companies that were given access to these funds which seemed to go against the original purpose of this stimulus plan to help small businesses.
In a joint statement, the music community organizations said: “We applaud leaders of the Senate and House, Secretary Mnuchin, and the Administration who worked to find an agreement to include more funding for the Small Business Administration’s Paycheck Protection Program. This action is an important next step to ensure the program has funds to reach all Americans who need it.
“Musicians, songwriters, and composers have had their ability to work upended by the pandemic. Because they often act as independent contractors and sole proprietors, traditional unemployment benefits fail to provide financial relief. That’s why it remains essential that the PPP make independent contractors and sole proprietors fully eligible for loans and loan forgiveness including accounting for lost wages and insurance costs during the eligibility period.
Earlier this month, a broad cross-section of the music community came together to release MusicCovidRelief.com with up-to-the-minute guidance and resource materials for the arts/entertainment community. The website is designed to help people make real-world sense of the recently passed CARES Act and connect those in need to resources and opportunities.
The music coalition includes the Artist Rights Alliance (ARA), American Association of Independent Music (A2IM), American Society of Composers, Authors, and Publishers (ASCAP), Broadcast Music Inc. (BMI), Global Music Rights (GMR), the Music Artists Coalition (MAC), National Music Publishers’ Association (NMPA), Nashville Songwriters Association International (NSAI), the Recording Academy, the Recording Industry Association of America (RIAA), the Society of European Stage Authors and Composers (SESAC), the Songwriters of North America (SONA), and more.
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