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.
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 fund will go specifically to independent record labels who have a direct deal with the service.
The funds will be given as three $100,000 donations to two arts-related charities and a food bank in Las Vegas.
The former politician will officially take up the role in April, with plans to first tackle the COVID-19 fallout.