Federal loans to help businesses during the coronavirus shutdown aren’t easy to navigate — but charitable funds are easier to get.
The iconic Minneapolis music venue First Avenue has been closed for over a month amid the coronavirus pandemic, but CEOsays she has never been busier — mostly gathering paperwork to apply for the federally guaranteed loans that small businesses qualify for under the $2 trillion Coronavirus Aid, Relief, and Economic Security Act. “It’s a crazy feeling to be so busy without any shows or revenue,” says Frank.
Frank applied for the federal Paycheck Protection Program — which offered low-interest, zero-fee loans of up to $10 million to struggling small businesses — when the application process opened April 3. “Information was changing by the day, if not by the hour,” she says, although after a week she received funds from her bank that were “beyond vital” to cover the venue’s payroll, rent and utilities.
Meanwhile, many acts are having better luck with nonprofit funds like the one set up by MusiCares. Nashville-based artistof neo-folk band HuDost was one of the first to receive assistance from the MusiCares fund, which launched March 17 and has since raised more than $10 million. Sommer says 90% of her income comes from touring, but HuDost’s spring tour was canceled, and summer dates in Europe also could be soon.
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