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Michael T. Strickland To Testify Before Senate, December 15

Stage Directions • Industry News • December 10, 2020

Michael T. Strickland, Chair Bandit Lites

Bandit Lites Founder and Chair Michael T. Strickland has been invited to testify before the United States Senate on December 15 at 10:00 a.m. EST about the effect of COVID 19 on the Live Event Industry. Strickland has worked as the most visible and vocal advocate for the Live Event Industry since March 14th of this year. Senators Lamar Alexander and Marsha Blackburn are longtime friends of Strickland and he called on them for assistance day one.

Strickland worked with several legislators and their staffs to represent the needs of both the small business community as well as the Live Event Industry in the crafting of the CARES Act, the Payroll Protection Program, and the Treasury Regulations that control the Payroll Protection Program. Strickland has appeared on CNBC and WGN America as well as in many media outlets nationwide.

As COVID 19 continued into the year, it became obvious to Strickland that a broader form of relief was needed to allow small businesses that were closed to survive. Live Events has been 100% closed since March 14th and will remain that way until June 2021 at the earliest. Senators Young and Bennet crafted the RESTART Act as a vehicle to allow all small business to survive. RESTART will provide up to 45% of a firm’s 2019 income such that everything expended on payroll and payroll related items will be forgiven. Those moneys spent on operations will convert to a 7-year loan at around 1% interest, with no payment in year one, interest only in year two and amortization of the loan in years three to seven.

Strickland will speak to the fact that Live Events is the only industry that will be totally shut down for over a year with zero income. The companies and the people in the industry cannot gain commercial loans or financing because their balance sheets and profit and loss statements are negative, and they have no income stream that will allow repayment of a commercial note. The only mechanism available to small businesses on the verge of closure is the RESTART Act. The Live Events Industry in particular is at the point of extinction, as every firm is closed and will be until June 2021.

The details of the hearing are as follows, and the hearing may be viewed online.

Tuesday, December 15, 2020 10:00 a.m.
Subcommittee on Manufacturing, Trade, and Consumer Protection.

This hearing will take place in the Russell Senate Office Building 253. Witness testimony, opening statements, and a live video of the hearing will be available on www.commerce.senate.gov.

Further information from Bandit Lites: www.bandit.com

 

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