Amid the coronavirus pandemic obliterating live music as we know it, some of the biggest names in music have received federal loans to support their crew for current and future postponed tours.
As Rolling Stone reports, the US government recently implemented a $2 trillion CARES act intended for relief to small businesses impacted by the coronavirus.
The Eagles, Pearl Jam and Disturbed took out the most significant loans amongst touring musicians, taking home grants between $350,000 and $1 million, with other artists receiving between $150,000 and $350,000.
Rolling Stone reports that over 50 musicians and bands amongst the 660,000 recipients were granted a loan of more than $150,000. Amongst those names are Tool, Nickelback, Imagine Dragons, Incubus, Slipknot, My Chemical Romance, Wilco, Weezer, Cheap Trick, Tim McGraw, Chainsmokers, Bon Iver’s Justin Vernon, Disturbed, Gary Clark Jr., Papa Roach, Ryan Tedder and more.
Paycheck Protection Program loans were also allocated to major and independent record labels including Sub Pop Records, Third Man Records, and Knitting Factory Records, who each received a minimum of $350,000.
On home turf, last month the Australian music industry sent out an SOS to government. Over 1,000 artists businesses and personnel from across the music community signed an open letter, pleading with the Australian government to provide immediate — and meaningful — financial support amid the coronavirus pandemic.
Jimmy Barnes, John Farnham, Thelma Plum, Icehouse, Kate Miller-Heidke, Jessica Mauboy, Gotye, Alex Lahey, Jack River and Savage Garden are just a selection of the names that co-signed the letter.
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Industry figureheads including Mushroom Group chairman Michael Gudinski, reps for Universal Music, Warner Chappell, Sony/ATV Music Publishing, APRA, ARIA and more also signed up.
“The Australian music sector fell off a cliff on 13 March when Government made the correct and prudent decision to shut the nation down,” the letter reads.
“Without the ability for artists to play and venues to open around the country, the industry lost billions of dollars in revenue. It is estimated the box-office loss in relation to live music alone will be half a billion dollars over six months.”
According to I Lost My Gig, concert cancellations and postponements across Australia and NZ have already cost more than $340 million, a figure that will keep growing as the lockdown continues.
