03 Jul The Live Events Coalition, with more than 25 national and international trade organizations, officially endorse the RESTART Act
Yesterday the Live Events Coalition put out a Press Release with more than 25 national and international trade organizations to officially endorse the RESTART Act, a loan program that provides funding to businesses deeply affected by the Coronavirus. The RESTART Act was also introduced to the House of Representatives by Jared Golden (D-ME) and Mike Kelly (R-PA).
Since the beginning of June, The live Events Coalition and NIVA| National Independent Venue Association started conversations with Senators Michael Bennet (D-CO ) and Todd Young (R- IN) to give input on The Proposed RESTART Act to help our uniquely devastated Industry. This legislation was the first and only bipartisan proposal that supported the hardest-hit businesses by fixing the Paycheck Protection Program and providing relief through the rest of the year.
As communicated in the official Press Release we are the industry hardest hit by the COVID-19 pandemic. As public gathering places and events were forced closed, the live events industry were the first businesses to close our doors. Since mid-March, our businesses have earned virtually no revenue, and yet we have seen our fixed expenses mount week after week. In many cases, our recoveries may be delayed far longer than those in other sectors of the economy.
The RESTART Act provides a solution to the desperate need for capital faced by cinemas, theaters, live music venues and performing artists, agents, and touring teams, events management, restaurants, places of amusement, recreational businesses, and health and fitness clubs whose operations have been severely curtailed by the COVID-19 pandemic. The legislation establishes a loan program tailored to the circumstances of small and mid-sized shuttered businesses that have experienced more than 25% in losses. The RESTART loan program provides access to partially forgivable seven-year loans covering six months of expenses, a lifeline for our businesses that have been left behind by existing loan programs.
Our businesses are integral to the social, cultural, and economic life of our communities, supporting local economies and the dreams of thousands of entrepreneurs. Without a loan program such as the one contemplated in the RESTART Act, we fear our businesses simply will not survive this crisis. We urge Congress to pass the RESTART Act and save our businesses.
Link to the proposed RESTART Act.