The bill authorizes the release of $15 billion in grants to the Small Business Administration (SBA) to disburse the funds to eligible live venue operators or promotors, theatrical producers, live performing arts organization operators, museum operators, motion picture theatre operations or talent representatives, according to the bill s summary.
The money obtained through the SBA can be used for expenses such as payroll costs, rent, utilities and personal protective equipment.
The eligible part refers to guidelines the venues and businesses must meet in order to qualify for a grant of up to $10 million. The entity applying for the grant must have experienced a minimum loss of 90 percent of its revenue during the first two weeks of grant applications. The loss requirement drops to 70 percent following the two-week implementation period.