The organization has seen double the average rate of annual applications in a matter of weeks.
The charitable foundationMusiCares, an organization dedicated towards supporting music industry professionals in need of financial assistance, has run out of monetary resources. Amid the ongoing pandemic, MusiCares launched their COVID-19 Relief Fund last month, which has drawn an unprecedented influx of applications. The depletion of funds has now caused the organization to halt new applications for the time being.
The fund, which was started with two $1 million donations from the organization itself as well as its affiliate, The Recording Academy, went on to raise $14 million in total. The resources were raised from individuals as well as charitable corporate partners including SiriusXM, Spotify, and Pandora. However, as the pandemic has persisted, the organization's funds have temporarily run dry.
In a statement, MusiCares mentions that in the last several weeks they have vetted and approved over 20,200 applications for financial assistance. To put that into perspective, the organization says that is double the amount of applicants they typically service over an annual period.
MusiCares also reaffirmed its commitment to supporting applicants in need during these unprecedented times. "We aren't giving up and continue to work relentlessly to raise additional funds, while furthering our commitment to provide leadership in other ways," the statement said. "These initiatives include continuing our advocacy work in Washington D.C., providing guidance for artists as they navigate this new territory, and fostering discussions with a broad group of leaders about the future of our industry."
The organization is continuing to accept donations on its website, with charitable partner Spotify committed to matching 100% of the donations made for a limited time.
source https://edm.com/news/musicares-relief-fund-depleted-of-funds
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