The UK arts has its rescue package although details of how it will be funded are still being worked out.  But notes that I have (much communicated via ACE, Arts Council England) are:

• Indicative timetable; guidance published  end of July/early August, application period August, decisions from early October (very much still tbc) 

• likely that loans would have a commercial sector focus, grants (some administered via ACE) a not for profit focus  – although not fixed.

• likely that money will be for survival and support cash flow, not making work

• money is for current  financial year (ACE’s own grant not confirmed beyond April 2021, a comprehensive spending review in autumn ’20)

• recovery fund is being administrated by ACE on behalf of DCMS and will reflect Government priorities

• there will not be enough to rescue everyone and costs savings will still need to be made. 

There’s no real mechanism for supporting freelancers here as I can see yet.

On this note, one populist package that could be enacted has been outlined by Tyler Cowen. This essentially is an arts voucher programme given to everyone to spend on the arts - that way the public can choose what to spend their money on - and it is not decided by any one institution or body.

I think this could work if a wide definition of arts were to be used and could also be popular.

Do follow the ACE twitter feed to be up to date.

Government Arts Funding scheme press release link:”…

• £1.15 billion support pot for cultural organisations in England delivered through a mix of grants and loans. This will be made up of £270 million of repayable finance and £880 million grants.

• £100 million of targeted support for the national cultural institutions in England and the English Heritage Trust.

• £120 million capital investment to restart construction on cultural infrastructure and for heritage construction projects in England which was paused due to the coronavirus pandemic.

• The new funding will also mean an extra £188 million for the devolved administrations in Northern Ireland (£33 million), Scotland (£97 million) and Wales (£59 million).

Decisions on awards will be made working alongside expert independent figures from the sector including the Arts Council England and other specialist bodies such as Historic England, National Lottery Heritage Fund and the British Film Institute….”

And here are some details via Cowen on his idea after Peacock:

…Out of the 1.4bn, would the Treasury consider some funding (or indeed extra) for an Arts Voucher scheme? I think the funding proposed may work at the institutional level but still misses something

[Albeit Cowen  directs his thoughts at the US, it's still applicable in the UK. The core idea would be:]

"...The second element of the arts rescue plan would take a different tack. Rather than giving money to arts institutions, the federal government could set aside some amount for a concept known as arts vouchers, originally developed by the British economist Alan Peacock.

Arts vouchers are similar to education vouchers except that they cover the arts. The government would hand them out to each [American] British citizen.... .... Unlike direct grants to arts institutions, arts vouchers give consumers a big say in where aid goes. They could be more popular with voters, because they give each one a direct benefit — namely, cash in pocket (yes, they would have to spend it on the arts, but it’s still cash). (My emphasis)

Most of all, vouchers would recognize that planning authorities, even at state and local levels, don’t always know which artistic forms will be popular. If some reallocations are inevitable — for instance out of nightclubs and into outdoor bluegrass festivals — vouchers will allow those preferences to be registered quickly.

Obviously, if state and local governments specify a narrow set of eligible recipients, arts vouchers aren’t much different than direct grants. In that case, little is lost. Still, one hopes that vouchers can be used more imaginatively. ...

In short, vouchers can allow [American] artistic innovation to proceed, even flourish, rather than merely preserving everything as it was before the pandemic. Vouchers also serve an important macroeconomic function by maintaining consumer spending and demand, thus addressing one problem area of the broader economy. With direct grants to arts institutions, there is always the danger the funds simply will sit in the coffers of still-closed non-profits while the broader economy remains weak.

..."