September 22, 2021

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Shadowdowns continue – 90% expect indie music venues to close permanently

2 min read

In a survey of independent concert venue owners in the US, 90% said they expect to close permanently in a few months if federal funding is not forthcoming.

The survey was conducted among about 2,000 members of the National Independent Venue Association, which includes 50 state owners and concert promoters.

In a report released on Tuesday, the NIVA said, “The PPP’s current funding will not solve the crisis.

The purpose of highlighting the high-level alarm in the report was to support congressional resumption legislation, as well as “according to the PPP program that works for shutter businesses like ours that have zero revenue, high overhead?” And no clear deadline for reopening.

About 600 artists, including Lady Gaga, Neil Young, The Black Key, Billy Joel, Alabama Shakespeare, Casey Mushgravs, Gary Clark Jr., Jack Brown Band and Patti Smith, supported the hashtag #saviorstage in support of the federal relief request.

The report points to a Polstar estimate that if venues do not reopen, there will be a loss of 9 9 billion in ticket sales at the end of the year, without accounting for food and beverage earnings.

The NIVA said, “Independent spaces were the first to close and will be reopened.” The spaces have zero income, but obligations such as mortgages / rent, bills, loans, taxes and insurance continue. We have nothing to offer our employees for the near future. The shutdown is likely to extend indefinitely and possibly by 2021 as our locations are in the final stages of reopening. “

The bipartisan resumption law was introduced by Senators Michael Bennett (D-Colo.) And Todd Young (R-Ind.) On May 21st. According to the NIVA, about 150 members of Congress have endorsed the bill in letters to Senate leaders and the House of Representatives.

The NIVA said the Restart Act would provide for six months’ worth of salaries, benefits and fixed operating expenses, among other things; loan waiver and loan waiver allow flexible use; Expands the qualifications of part-time employees in small businesses with good business; And implement a seven-year payback schedule, where the original payment will not be applicable for two years and the payment of interest will be deferred for one year.

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