Coronavirus Aid, Relief, and Economic Security Act
Under the bill, any small businesses that have been adversely affected by the shutdowns will be able to apply to the Small Business Administration for an emergency loan, which could be forgiven when the crisis ends if it keeps most of its workers on its payroll.
Within the bill is a $75 million emergency appropriation for the National Endowment for the Arts (of which 40% is directed to state and regional arts organizations) to help the agency address the serious impacts experienced within the arts community as a result of this crisis. There are other provisions within the bill that will benefit artists, both as individuals and as business owners, including credits of $1,200 to most American adults and $500 for most children, as well loan forgiveness for organizations and businesses that retain workers and an expansion of unemployment benefits.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.