U.S. music venues are in dire need of support as the entertainment industry continues to fail during the global pandemic. As more show cancellations occur, there is no telling as to when these venues will open or if they will at all. Fortunately, Congress is looking for ways to help independent music venues thrive as they introduce a bill to provide aid.
The Entertainment New Credit Opportunity for Relief & Economic Sustainability (ENCORES) Act will offer independent venues a tax credit for about 50 percent of the value of refunded tickets. However, to be legible for this support, they must adhere to certain guidelines. Venues must be promoting or putting live events, have 500 or fewer employees, and have offered credit before providing refunds.
The new bill comes just after the introduction of two recent bills, the Save Our Stages Act and The Restart Act. The Save Our Stages Act hopes to create a $10 billion Small Business grant while The Restart Act aims to provide loans for venues. Hopefully, these acts, along with the ENCORES Act, will be passed and help businesses stay afloat.
Stay tuned for updates on the ENCORES Act.
[H/T] Dancing Astronaut