The sum will be divided up amongst three COVID-19 relief funds, including AIM's, Musician Unions', and Help Musicians'.
Donations to the MusiCares COVID-19 relief fund have now exceeded $10million.
Billboard parent Valence have reportedly been facing losses of up to $15m a year.
BeatStars clients will now receive global publishing, administration and pitching services from Sony/ATV.
ARMS (Artist Royalty and Music Services) was launched in 2016 by producer David Salas.
Bioethicist Zeke Emanuel told the NY Times it is not plausible to resume live events before Fall 2021.
Applications have been extended til May 16. Publishers and Independent Labels can also apply.
The deal also includes a publishing agreement with Capitol CMG.
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