The Scope of the Art Industry (source: ART MATTERS via HMS Media)
Most recent estimates put us at 4.2% of the GDP, which is in excess of $800 billion, which is bigger than the manufacturing, transportation or warehouse sectors. Dollars spent on the arts have a significant multiplier effect on other businesses, like hotels, restaurants and parking garages, and for every consumer dollar spent on an arts, another nine get spent on those related businesses. That, plus the $9 billion we generate in federal taxes and the profound impact we have on health care, education, technology and other areas, makes us indispensable.
The CARES act, sweeping as it was, allocated approximately $300 million to the arts and humanities sectors (NEA, NEH, Library and Museum Services and other deserving institutions). And that’s great.
But as of Wednesday, the cultural sector has already suffered $4.5 billion in economic losses.
- The Paycheck Protection Program: This is aimed to cover payroll. You can apply for 2.5x monthly payroll cost, and you’ll need to supply your bank with proof that you have these costs. Learn more here.
- Economic Injury Disaster Loans: This is designed to give you a grant/loan within three days of application. The grant will provide $1K per employee for up to 10 employees, (i.e., max of $10K) which may be used for providing paid sick leave, maintaining payroll, meeting increased materials costs, rent, mortgage, repaying obligations due to revenue losses. Learn more here