Ad Hoc SOS Grant

Subject: Shuttered Venue Operators Grants 1/4/21

(Also sometimes referred to as Save our Stages Act)

Within the $900 Billion pandemic relief act just made law, several Billions are assigned to grants for live music, theatres, and other venues with 90%-25% loss of gross revenue 2020 vs 2019. To be administered by the SBA. Grants are for up to 50% of gross revenue 2019, which puts us in a roughly $50,000 Grant category.

We appear to be eligible, by the details in the law. The exact details of applying (and ultimate eligibility?) are still being worked out by the SBA and have not been released yet.

We do know that the first two weeks (once they start) are reserved for venues with 90% loss or greater,

weeks 3&4 for 70% loss or greater,

and week 5 and later for 25% loss or greater.

Our numbers appear to place us close to 70% loss, maybe greater, maybe lower,

depending on the exact determination of gross revenue. For example, are membership dues part of gross revenue? Investment income? Getaway payments rolled over to 2021 or later?

We can not determine this for certain without the help of a professional accountant. No one in the FOlk Project Save our Stages Grant Committee has the expertise to definitively determine our gross income, especially in the absence of exact definition in the bill.

The SOS Committee feels we should apply, and the general sense of the committee is that we would be wise to use the substantial sum (if we are successful) to do something along the lines of increasing up front money to performers in 2021, (or some finite time), and/or hiring more expensive performers for special concerts with significantly higher ticket prices, and/or other ways of upping our game in terms of creating incredible experiences for our audiences and lucrative opportunities for performers.

Disclaimer, this is a summation of the sense of multiple conversations with committee members, not a formal meeting with votes. We will have such a meeting when more SBA details are available and pending board wishes.

The decisions to hire an accountant and to apply, and ultimately how money (if granted) would be used are clearly board level decisions. Time is critical on this, because the first window could be opened any day.

This is a summation of the pertinent information on this matter as of today (Tue 1/4/2021)

Bob McNally chair

Elizabeth, Gary, Mark, Todd, Peggy, Committee members

Steve advisory member, Paul (member? advisory member?)