Executive Director, IEBA In terms of scale and impact, how would you describe 2020 and the current crisis’ challenges and impact on your business? Money lost in 2020 is gone forever. This may be true of our peers and colleagues who have been furloughed or laid off. Many will NOT return to the industry when the industry returns. Some businesses will fail. Artist development will suffer.
What strategies have you and your businesses implemented and/or are you considering implementing to address these challenges? The financial impact of shutting down concert touring & live performance is so pervasive that only government assistance can sustain some businesses. But, with many state and city small business relief programs capping grants at $10,000 or $30,000, it is a Band-Aid on a bullet wound. Many businesses were forced to dip into their reserves when government assistance failed to cover even one month’s expenses.