MY CHEMICAL ROMANCE has defended taking federal funds to support its crew for any current and future postponed tours. According to documents from the Small Business Administration And Treasury Department, GUNS N' ROSES, PEARL JAM, GREEN DAY, DISTURBED and many other touring musicians took out loans as well. The financial support is part of the federal government's $2 trillion CARES Act to assist small businesses impacted by the coronavirus.
"Like most tours that were happening this year, MY CHEMICAL ROMANCE's world tour was cancelled," the band told Rolling Stone. "MCR received PPP money to ensure their crew is funded in these times of uncertainty until we are able to be out on the road again. We are so grateful to these skilled, dedicated people — some of them are parents, others caretakers, still others who simply have rent to pay – and this money helps them take care of themselves and their families."
According to Rolling Stone, more than 50 musicians and groups across all genres were among the 660,000 recipients who were granted a loan for more than $150,000. THE EAGLES, PEARL JAM and DISTURBED were granted somewhere between $350,000 and $1 million, while many of the other artists received between $150,000 and $350,000.
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
The Paycheck Protection Program's goal is to offer forgivable loans to smaller businesses, helping them to stay afloat and employees to maintain their jobs as the coronavirus puts the U.S. economy on hold.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, veterans organizations, and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
In the face of the coronavirus pandemic, thousands of concerts and festivals have either been postponed or canceled, as social distancing and self-quarantining make performing live music and attending live shows all but impossible.