Sec. 241. Definitions
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In this subtitle: The term affiliated business means a business in which an eligible entity has an equity or right to profit distributions of not less than 50 percent, or in which an eligible entity has the contractual authority to control the direction of the business, provided that such affiliation shall be determined as of any arrangements or agreements in existence as of February 29, 2020. For purposes of eligibility for covered grants— the provisions applicable to affiliations under section 121.301 of title 13, Code of Federal Regulations, or any successor regulation, are waived for any business concern operating as a franchise that is assigned a franchise identifier code by the Administration; and the exceptions to affiliation noted in section 121.103(b) of title 13, Code of Federal Regulations, or any successor regulation, shall apply to an affiliated business.
The term covered grant means a grant under section 503 made to an eligible entity. The term covered period means the period— beginning on March 1, 2020; and ending on March 31, 2023, or a date to be determined by the Administrator that is not later than 2 years after the date of enactment of this Act. The term eligible entity — means an individual or entity— that is assigned a North American Industry Classification System code of 532289, 532490, 541410, 541420, 541430, 541490, 561591, 561920, 711190, 711300, or 711320, as appears on the most recent income tax filing or on the application for a loan under paragraph
(36)or
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) of the individual or entity, if applicable; and that, as the principal business of the individual or entity, provides stages, lighting, sound, casts, or other support for live events; and for which not less than 65 percent of the earned revenue generated through providing the support described in item
(aa)is for live events organized, promoted, produced, managed, or hosted by an eligible person or entity described in section 324(a)(1)(A)(iii) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ( 15 U.S.C. 9009a(a)(1)(A)(iii) ); or as the principal business of the individual or entity, showcases performers or pre-packaged productions to potential buyers; and for which not less than 65 percent of the earned revenue generated through showcasing performers or pre-packaged productions described in item
(aa)is for live events— organized, promoted, produced, managed, or hosted by an eligible person or entity described in section 324(a)(1)(A)(iii) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ( 15 U.S.C. 9009a(a)(1)(A)(iii) ); or hosted in a hotel or convention center facility; includes an individual or entity described in subparagraph
(A)that— operates for profit; is a Tribally-owned concern; or is a corporation, limited liability company, or partnership or operated as a sole proprietorship; and does not include— an individual or entity described in subparagraph
(A)that— employs more than 250 employees, determined on a full-time equivalency basis; is registered outside of the United States; or has pandemic-related revenue losses that are not greater than 25 percent; an entity described in subparagraph
(A)that— is a State or local government-operated business; as of February 29, 2020, owns or operates (together with any affiliated business) more than 5 locations, regardless of whether those locations do business under the same or multiple names; or has a pending application for, or has received, a grant under— section 324 of the Economic Aid to Hard Hit Small Businesses, Nonprofits, and Venues Act ( 15 U.S.C. 9009a ); or section 5003 of the American Rescue Plan Act of 2021 ( 15 U.S.C. 9009c ); a publicly-traded company; an entity that is owned or operated by a private equity fund; an entity that was not in operation before March 1, 2020; or an entity that is not in operation on, and does not intend to reopen on or before the date that is 180 days after, the date on which the entity applies for a covered grant. The term Fund means the Live Venue Service and Support Business Relief Fund established under section 242(a)(1). Subject to subparagraph (B), the term pandemic-related revenue loss means, with respect to an eligible entity— except as provided in clauses
(ii)and (iii), the gross receipts, as established using such verification documentation as the Administrator may require, of the eligible entity during 2020 subtracted from the gross receipts of the eligible entity in 2019, if such amount is greater than zero, except that the Administrator may make adjustments to this formula as needed for seasonal businesses, businesses affected by natural disasters, and to address other circumstances identified by the Administrator requiring accommodation; if the eligible entity was not in operation for the entirety of 2019— the difference, if greater than zero, between— the product obtained by multiplying the average monthly gross receipts of the eligible entity in 2019 by 12; and the product obtained by multiplying the average monthly gross receipts of the eligible entity in 2020 by 12; or an amount based on a formula determined by the Administrator; and if the eligible entity opened during the period beginning on January 1, 2020 and ending on February 29, 2020, an amount based on a formula determined by the Administrator. The pandemic-related revenue losses for an eligible entity shall be reduced by— any amounts received from a covered loan made under paragraph
(36)or
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) in 2020 or 2021; and the amount by which the total of all remunerative payments made to an individual, including any annual salary paid to an employee, in 2020 exceeds $250,000. The Administrator may determine the types of payments and individuals to which clause (i)(II) applies.
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