While news about the new Federal vaccination standards for businesses that employ 100 or more employees is welcome news for most nonprofit performing arts orgs, there are a few additional details in the President’s remarks from 9/9/21 that you may have missed but need to be aware of.
Patron Mandates May Not Be Far Away
The potential performing arts venues have for becoming a super-spreader source is clearly front and center for the White House. While new mandates were limited to the commercial sector for businesses with minimum numbers of employees, the President dedicated a portion of his remarks to emphasize the need for venues to employ vaccination requirements for ticket buyers and attendees.
And for other sectors, I issue this appeal: To those of you running large entertainment venues — from sports arenas to concert venues to movie theaters — please require folks to get vaccinated or show a negative test as a condition of entry.
It would have been good to see the sort of financial support offered to teachers issued alongside those remarks but that’s something advocacy can address. In the meantime, organizations that have already adopted vax requirements for ticket buyers are one step ahead of the game if the White House decides to make their appeal a mandate.
EIDL Loan Increases: $500k Is Now $2mm
While there was no mention of funds earmarked for venues that adopt vax requirements, the President did mention a big increase in the current maximum amount businesses can borrow through Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) programs.
I can’t underscore how big of a deal this is for any business, commercial or nonprofit, that qualifies for these loans. The cap has been increased from $500,000 to $2,000,000. Spoiler: that’s a big deal.
So tonight, I’m announcing additional steps to strengthen our economic recovery. We’ll be expanding COVID-19 Economic Injury Disaster Loan programs. That’s a program that’s going to allow small businesses to borrow up to $2 million from the current $500,000 to keep going if COVID-19 impacts on their sales.
These low-interest, long-term loans require no repayment for two years and be can used to hire and retain workers, purchase inventory, or even pay down higher cost debt racked up since the pandemic began. I’ll also be taking additional steps to help small businesses stay afloat during the pandemic.
Learn more about the program and request an increase at the SBA’s COVID-19 Economic Injury Disaster Loan portal.