SECTION 1. (a) There shall be established and set upon the books of the commonwealth a separate fund to be known as the COVID-19 Nonprofit Cultural Organizations Emergency Relief Fund to be administered by the Mass Cultural Council.

(b) The purpose of the Fund shall be for financial assistance in the form of grants to nonprofit cultural organizations within the commonwealth that are experiencing financial distress as a result of COVID-19, or executive order 591 and any subsequent orders pursuant to said executive order.

(c) There shall be credited to the Fund all amounts that are, by law, transferred or authorized to be transferred thereto or directed to be deposited therein, and all amounts received as gifts, grants, or contributions for the purposes of the Fund. Amounts credited to the Fund shall not be subject to further appropriation and any money remaining in the Fund at the end of a fiscal year shall not revert to the General Fund.

SECTION 2. On the effective date of this act, the comptroller shall transfer $75,000,000 from the Commonwealth Stabilization Fund to the COVID-19 Nonprofit Cultural Organizations Emergency Relief Fund established in section 1 for the purposes of carrying out this act.