Published Mar 12, 2020FACTOR — the Foundation Assisting Canadian Talent on Recordings — has announced a plan that addresses cancellations of events and activities in the wake of the coronavirus epidemic.
Citing the 2020 Juno Awards and SXSW cancellations, the foundation wrote in a statement that it "will honour all approved commitments at 100% of the amount approved for funding in situations where the event or activity was cancelled due to the COVID-19 pandemic."
FACTOR's plan will also cover "all other activities such as tours, showcases and certain collective events."
The statement explains that grant payments "will be made as soon as the applicant submits documentation of project component completion to FACTOR, indicating a coronavirus cancelled activity," adding that "applicants will be asked to file evidence of losses due to non-recoverable expenses incurred."
"Some clients may have questions on how this will affect the annual program limits ('caps')," the statement adds. "The annual cap in the program where the claim is made will be reduced by the amount of the completion minus the documented non-recoverable expenses. Large events should contact FACTOR prior to making any claims and discuss their situation with the project coordinator in charge of their file."
In conclusion, FACTOR's statement reads that "the situation with respect to the financial effects of coronavirus disruptions is being monitored closely and will be reviewed with the Board of Directors as need be. We thank everyone for their support and patience."
Today, Live Nation and Quebec concert promoter Evenko officially suspended all concerts through the end of March. Artists including Wilco, Pearl Jam, Mac DeMarco, New Order, Avril Lavigne, the National, Wolf Parade and many more have either postponed or outright cancelled upcoming tour dates.
FACTOR has approved a plan to address cancellations of events and activities due to COVID-19. Please ensure you read the full details of this plan to find out how this affects your project: https://t.co/GFfntlxuED pic.twitter.com/LuXR1dkkYv— FACTOR (@FACTORCanada) March 12, 2020