US-based finance firm Sound Royalties, LLC has announced a new $20m fund from which music creators impacted by Coronavirus can obtain no-fee royalty advances.

Musicians will be able to obtain advances from the $20m pot over the next 30 days, through April 16, or until the money is depleted.

Sound Royalties says that songwriters, performing artists, producers and others with royalty income can apply for zero-interest cash advances on a one-year repayment schedule with “no fees or costs of any kind”.

“From national tours to local clubs, the live music industry has been blindsided by Coronavirus, and the impact on creatives who depend on this income and the music industry as a whole will be significant,” said Alex Heiche, Sound Royalties founder and CEO.

“We stand with the creative community and hope to ease some of the burden caused by this unprecedented interruption in business.” Read more in MusicBusinessWorldwide.com

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