Reviving the Entertainment Industry (American Rescue Plan Act, Part 2)
Music venues, movie theaters, and museums may be eligible for a new federal grant program, which is available in addition to the Paycheck Protection Program created by Congress last year. The new $1.25-billion grant is part of the American Rescue Plan Act of 2021, created to help businesses struggling under COVID-19 restrictions, with funds available through Dec. 31, 2021. Whether an applicant is eligible for the grant depends on the type and operation of their venue, as well as other financial requirements and proof of documentation.
In the second article of a two-part series, Phil Jelsma, partner and chair of the tax practice team at CGS3, provides a detailed breakdown of the new grant program with a convenient list of requirements and restrictions for anyone interested in obtaining a federal grant for an entertainment venue or museum.
Missed Part 1? The first article in this series, addressing federal assistance available to the restaurant industry, can be read in the Daily Journal here and in the Daily Transcript here (subscription required).