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ACADEMY BACKS RESTART ACT

The Recording Academy has formally endorsed the Senate’s Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty (RESTART) Act that will support performers, songwriters and studio professionals.

The bill from Sens. Michael Bennet (D-Colo.) and Todd Young (R-Ind.) aims  to support the small- and mid-sized businesses most affected by COVID-19. Dozens of national and international trade associations, representing businesses from music venues to restaurants and hospitality to manufacturing companies, have endorsed the proposal.

“The livelihoods of music creators heavily depend on the survival of recording studios and live music venues,” said Harvey Mason Jr., Chair and Interim President/CEO of the Recording Academy. “With no certainty in sight as to when concerts will revive and normal operations will resume, these businesses struggle to persevere through the current economy. The RESTART Act provides long-term and flexible financial assistance that is more aligned with the reality of those within the music industry.”

Music venues and theaters are among the hardest hits areas. Nine out of 10 independent concert venues expect to permanently close down if shutdowns persist and no federal funding becomes available. Independent venues are forecast to lose almost $9b.

The bill was introduced in May and 10 senators—five Republicans and five Democrats—have joined Bennet and Young in co-sponsoring the bill.

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