As New York continues to reopen and look towards normalcy amid the pandemic, music venues continue to lose money from not being able to reopen. Music venues in New York City face additional financial hardship as they bring in the most revenue.
In an effort to prevent further economic loss caused by the COVID-19 pandemic, comedian Jerry Seinfeld, a Brooklyn native, has now backed Senator Chuck Schumer’s plea for passing the “Save Our Stages Act” that would provide needed federal funding for New York music venues, according to SILive.com.
The RESTART ACT was the first bill introduced to provide financial support to small businesses affected by the COVID-19 pandemic through guaranteed loan programs and loan forgiveness back in May. The “Save Our Stages Act” was later proposed in July to advocate for support of music venues that have lost significant revenue from the ability to host music events because of COVID-19. Jerry Seinfeld is one of many performers to publicly voice his belief in New York’s resilience and support Schumer’s cosponsor for the “Save Our Stages Act.”
New York City’s diverse music venues, concert halls, theaters, and entertainment performances all fuel the coveted music scene. Schumer said 90% of independent venues have already closed in New York according to SILive.com. Other independent venues struggle to remain open because of the lack of community support at local music events caused by the pandemic. If passed the “Save our Stages Act” could help fund the cost of personal protective equipment, mortgages, payroll costs, and other expenses for venues.
Save Our Stages Act would create a new $10 billion Small Business Administration (SBA) program to provide grants of up to $12 million to eligible live venue operators, producers, promoters, or talent representatives to help cover six months of operating expenses and offset the economic impact of COVID-19.NY Senator Chuck Schumer