Greenspoon Marder Client Alert: Music Industry Relief and the CARES Act

Apr 9, 2020

Since the onset of the COVID-19 pandemic, countless tours and festivals have been cancelled and numerous other sources of revenue have been interrupted or stopped altogether. This unprecedented crisis has left the global music community facing hardship. As creatives find themselves abruptly out of work, several initiatives under the CARES Act have extended aid by offering grants and loans to help industry workers get by.

Below is a website detailing application information for music professionals to receive benefits made available by the CARES Act as well as other helpful resources.

https://musiccovidrelief.com/

$10,000 Grant Through EIDL Program

About the grant: This $10,000 grant is tax-free and is supposed to be paid very quickly. If you are a songwriter, musician, producer, vocalist, or any other small business owner with 1099 income, you may qualify.

Applying: It is a simple application process you can access by clicking this link: https://covid19relief.sba.gov/#/

How it works: After applying for the grant, if you spend the $10,000 on the following categories of expenses, you will not have to pay it back.

Paid sick leave to employees unable to work due to the direct effect of COVID-19
Maintaining payroll
Increased costs due to supply chain disruption
Rent or mortgage payments
Repaying obligations that cannot be met due to revenue loss

In terms of process, the $10,000 will be wired into the bank you provide (make sure you provide your business entity bank account if you have one). Then, you’ll receive a follow-up loan application. Only apply for $10,000 under this program. This particular program does not have the same loan forgiveness as the PPP program for small business owners. It is important to document your expenses, because you’ll need them when you apply for forgiveness of the $10,000.

Additionally, our firm has partnered with Pasich LLP, an insurance focused law firm, who can assist our clients in addressing insurance coverage concerns if you or your business have dealt with interruptions or event cancellations due to COVID-19. More information on the partnership can be found here.

As a reminder, the Greenspoon Marder team is available to assist with your ongoing needs. We realize each client, each business, and each industry will feel the effects differently, and our attorneys are prepared to help you navigate this landscape, or are here to lend an ear in these trying times. As we deal with COVID-19, our team remains focused on your continued success. Please feel free to reach out Leslie Zigel, Chair of the Entertainment, Media & Technology Group for more information at leslie.zigel@gmlaw.com or 305-789-2791.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 240 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has upheld a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

MEDIA CONTACT

Natalie Villanueva, Director of Marketing
954.333.4308 | natalie.villanueva@gmlaw.com

This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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