No doubt all of us in “Show Biz” are feeling the affects of Covid-19 as are people all across the globe. These are difficult days for sure, but on the bright side there are funding options including loans, stimulus packs, grants, etc that you should be aware of if you live here in the USA.
The US Congress passed “CARES” Act on March 27th, 2020 providing immediate economic relief including for for entertainment workers.
The CARES Act contains the following key provisions:
- Creates a Pandemic Unemployment Assistance program to provide payment to those not traditionally eligible for unemployment benefits who are unable to work as a direct result of the coronavirus public health emergency. This includes entertainment workers with limited work history and scheduled, or offered, work that did not commence.
- Provides an additional $600 per week payment to each recipient of unemployment insurance or Pandemic Unemployment Assistance for up to four (4) months.
- Provides an additional thirteen (13) weeks of unemployment benefits to help those who remain unemployed after weeks of state unemployment are no longer available.
- Provides one-time direct payments of $1,200 for all individuals making up to $75,000; $112,500 for head of household. Married couples making up to $150,000 who file a joint return are eligible for $2,400. Those amounts increase by $500 for every child. The check amount is reduced by $5 for each $100 a taxpayer’s income exceeds the phase-out threshold. The amount is completely phased-out for single filers with incomes exceeding $99,000, $136,500 for head of household filers, and $198,000 for joint filers.
- Waives the 10-percent early withdrawal penalty for distributions up to $100,000 from qualified retirement accounts for coronavirus-related purposes.
- Entertainment workers will now receive economic support to help make up for the income lost due to cancelled or postponed work, and that money will soon be in the hands of working families.
- The bill also increases federal arts funding – $75 million each – for the National Endowment for the Arts, National Endowment for the Humanities, and Corporation for Public Broadcasting for grants to assist arts nonprofits and other employers in financing projects and performances.
RESOURCES YOU SHOULD KNOW ABOUT
We have been following multiple sources and have complied a list of available resources to look into.
*WARNING: Always research options throughly and we suggest consulting with your accountant/ CPA before making any decisions.
1. SMALL BUSINESS ADMINISTRATION : SBA Disaster Assistance in Response to the Coronavirus
GET THE SCOOP: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, the SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
These are forgivable loans UP TO $10,000,000 for small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
2. SMALL BUSINESS ADMINISTRATION : Emergency Grants
GET THE SCOOP: https://www.sba.gov/funding-programs/disaster-assistance
The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans (EIDL) and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within 3 days of applying for an SBA Economic Injury Disaster Loan (EID).
This is avialable for small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). In addition to the entities that are already eligible for SBA disaster loans (small businesses, private non-profits, and small agriculture cooperatives), eligibility is temporarily expanded to include:
- Business entities with 500 or fewer employees
- Sole proprietorships, with or without employees
- Independent contractors (like magicians, entertainers, speakers, etc)
- Cooperatives and employee owned businesses
- Tribal small businesses
- Private non-profits of any size
NOTE: You must have been in business as of January 31, 2020. Expanded eligibility criteria and the emergency grants are only available between January 31, 2020 and December 31, 2020
3. VERIZON & LISC: Verizon and LISC are going to open up $10,000 grants to small business owners affected by COVID-19.
4. FACEBOOK: Facebook is also opening up small business grants offering $100M in cash grants and ad credits to help during this challenging time. This is not available yet but details are coming soon. Stay on top of this and be first in line when it’s available.
GET THE SCOOP: https://www.facebook.com/business/boost/grants
5. GOOGLE ADS: Google is offering a new $800+ million commitment to support small – and medium-sized businesses (SMBs), health organizations and governments, and health workers on the frontline of this global pandemic.
$340 million in Google Ads credits available to all SMBs with active accounts over the past year. Credit notifications will appear in their Google Ads accounts and can be used at any point until the end of 2020 across our advertising platforms. The hope it will help to alleviate some of the cost of staying in touch with prospects, clients & customers.
GET THE SCOOP: https://en-gb.facebook.com/business/boost/grant
As we gather more information & resources we discover are available for Show Business Entrepreneurs – we will update this page.
Till Then – Stay Safe & Healthy,