Often doubling as performance spaces, these businesses will now be able to apply for grants of up to $10 million per entity with a limitation of $5 million per physical location.Īs many music creators run their own small businesses, the expansion of the Paycheck Protection Program (PPP) was crucial. For struggling venues specifically, The Shuttered Venue Operators Grant (SVOG) program will also receive $1.25 billion in additional funding to support venues affected by the pandemic, and an amendment to the SVOG will also allow venues to apply for and receive funds from the second round of PPP loans.Īdditional relief is also on the way for restaurants with a new restaurant-focused fund under the Small Business Administration (SBA). Both of these provisions now run through early September, and up to $10,200 of 2020 unemployment benefits are tax exempt for unemployed workers.Īs small businesses and venues across the United States face the grim one year milestone, The Economic Injury Disaster Loan (EIDL) program will see $15 billion in new funding, providing cash payments to small businesses severely affected by the pandemic. Under the new legislation, the weekly Federal Pandemic Unemployment Compensation (FPUC) continues at $300 per week, and the Mixed Earner Unemployment Compensation (MEUC) benefits renew at $100 per week.
There is also a phaseout in place with cutoffs at $80,000 for single filers, $120,000 for heads of household and $160,000 for joint filers. For heads of household, adjusted gross income must be $112,500 or below, and for those filing jointly their combined income cannot exceed $150,000.
To qualify for the full $1,400, a single person cannot exceed an adjusted gross income of $75,000. The new legislation provides stimulus checks of $1,400 per individual and $5,600 for a family of four.
To help ASCAP members navigate the new COVID-19 relief measures, we outlined the key provisions for music creators below. On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law, providing financial relief and other benefits for many Americans, including music creators.