We appreciate the important role that the music industry plays in the UK\u2019s economy, and that the Covid-19 pandemic presents a significant challenge to the sector.<\/p>
The Chancellor has announced the Winter Economy Plan to protect jobs and support businesses over the coming months, once the existing Self-Employment Income Support Scheme and Coronavirus Job Retention Scheme come to end. From November, the Jobs Support Scheme will provide further support to returning workers, while the extended Self-Employed Income Support Scheme will aid the self-employed who are currently actively trading but are facing reduced demand.<\/p>
We are also offering businesses who face a drop in demand for their services and possible cash flow issues generous terms for the repayment of deferred taxes and government-backed loans. We will give all businesses that borrowed under the Bounce Back Loan Scheme the option to repay their loan over a period of up to ten years. This will reduce their average monthly repayments on the loan by almost half. We also intend to allow CBILS lenders to extend the term of a loan up to ten years, providing additional flexibility for UK-based SMEs who may otherwise be unable to repay their loans.<\/p>
In addition, the Secretary of State announced an unprecedented £1.57 billion support package for the cultural sector which will benefit the live music sector by providing support to music venues and many other cultural organisations to stay open and continue operating.<\/p>
£3.36 million was shared among 136 venues across England who applied for the Emergency Grassroot Music Venues Fund, as part of this support package. This funding aimed to support those grassroots venues to survive the imminent risk of collapse caused by the coronavirus pandemic.<\/p>
We continue to engage with the sector to discuss the on-going challenges facing the industry.<\/p>
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