People walk in front of “Hamilton” at the Richard Rodgers Theater in Times Square on May 12, 2021 in New York City.
Noam Galai | Getty Images Entertainment | Getty Images
Broadway hit “Hamilton” could receive up to $ 50 million from the Shuttered Venue Operators Grant, a $ 16 billion federal aid program that provides pandemic relief to live event businesses, according to a New York Times report.
The pandemic halted Broadway production as well as four touring productions. Through this subsidy program, each production was eligible for $ 10 million to compensate for lost revenue. (There is also a show in London, but it is not eligible for the grant.)
The Tony Award-winning musical has sold out since opening in 2015, and millions have seen it. While some may criticize a very successful production receiving federal support, the show’s lead producer Jeffrey Seller told the New York Times the goal is to bring Hamilton’s finances back to pre-pandemic levels.
It is common practice for shows to separately incorporate touring productions, but Hamilton has the most touring numbers due to its popularity and is therefore eligible for $ 50 million. The Broadway production and two of the tours have each received grants, while the other two are still awaiting a response, the newspaper reported.
The seller told the New York Times that none of the subsidies would go to producers, investors or royalties. Instead, the money will be used for reopening costs and reimbursements for pandemic-related expenses incurred by the productions. These are all costs that productions had to bear when they were not making any income, he said.
Some of the reopening expenses include rehearsals for actors, musicians and stagehands, workshops for new actors, equipment repairs and replacements, transportation of people and sets, Covid-19 security personnel, and marketing. shows.
A spokesperson for “Hamilton” was not immediately available for comment when contacted by CNBC.
The relief program for cultural events and live entertainment venues was included in the second Covid-19 relief program and aimed to support the industry, which had been hit hard by the pandemic. Security measures shut down several of these sites for months. Qualifying businesses, including music clubs, theaters, and promoters, have access to up to $ 10 million based on their gross revenues as of 2019.
The program got off to a slow start after its initial launch was delayed by technological issues, which have since been resolved. He was later criticized for the slowness in processing applications. More than 14,000 small businesses across the country have applied for grants, according to the Small Business Association.
Last week, Senator Bill Hagerty, R-Tenn., Said the SBA will process most requests for assistance for closed sites by early July.
Others receive grants of $ 10 million, including the Nederlander Organization, which owns nine theaters in New York City, and Jujamcyn Theaters, which owns five theaters and currently houses the production of the “Book of Mormon,” according to the records of the ‘agency.
Read the full article in the New York Times.