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On May 12, 2021 in New York City, people walk outside the Richard Rodgers Theatre in Times Square to see “Hamilton.” Getty Images | Getty Images | Getty Images | Getty Images | Getty Images | Getty Images | Getty Images | Getty Images | G According to a New York Times article, the Broadway blockbuster “Hamilton” could get up to $50 million from the Shuttered Venue Operators Grant program, a $16 billion federal aid program that provides economic relief to live-event firms. The pandemic forced the cancellation of the Broadway show as well as four tour dates. Each production was eligible for a $10 million award to compensate for lost revenue under this program. (A show in London is also planned, although it is not eligible for the award.) Since its debut in 2015, the Tony Award-winning musical has played to sold-out crowds, with millions of people having seen it. While some may be suspicious of a critically acclaimed musical receiving government funding, main producer Jeffrey Seller told the New York Times that the goal is to restore Hamilton’s finances to pre-pandemic levels. It is common procedure for plays to incorporate traveling productions separately, but Hamilton, due to its popularity, has the most tours and thus is eligible for $50 million. According to the newspaper, the Broadway play and two of the tours have each obtained subsidies, while the remaining two are still waiting to hear back. None of the grant money will go to producers, investors, or royalty payments, according to Seller, who spoke to the New York Times. Instead, the funds will be utilized to cover reopening costs and reimbursements for pandemic-related expenses paid by the shows. He explained that these were all expenses that the productions had to bear while they were not producing any money. Rehearsals for performers, musicians, and stagehands, workshops for new cast members, repairs and replacements of equipment, moving people and sets, Covid-19 safety personnel, and marketing the plays are all part of the reopening costs. When CNBC reached out to “Hamilton,” a spokeswoman wasn’t immediately available to comment. The second Covid-19 relief package featured a cultural events and live entertainment venues assistance program aimed at supporting the industry, which had been heavily damaged by the pandemic. Many of these locations were forced to close for months due to safety concerns. Music clubs, theaters, and promoters, for example, are eligible for up to $10 million in funding based on their gross sales in 2019. The initiative got off to a sluggish start when technology difficulties delayed its initial introduction, which have now been remedied. It was then chastised for taking too long to process applications. According to the Small Business Association, almost 14,000 small firms from throughout the country have applied for the subsidies. Sen. Bill Hagerty, R-Tennessee, indicated last week that the SBA will review most applications for closed venues by early July. According to the agency’s records, the Nederlander Organization, which owns nine theaters in New York, and Jujamcyn Theatres, which owns five theaters and is now hosting “The Book of Mormon” play, are among the recipients of $10 million awards. The whole story can be found in the New York Times./nRead More

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