The arts could cost the Treasury £564m if organisations default on their Bounce Back loans.
Insolvency consultants Business Rescue Expert have calculated that the arts sector is one of the scheme's lowest borrowing sectors, receiving £940m from 47,741 loans. Only education has borrowed less at £726m.
Arts organisations have borrowed just under £25,000 on average but have the sixth highest rate of borrowing per individual loan at £31,512.
In a "best case" scenario in which Treasury loses 15% of the loan value, the sector presents a £141m risk, Business Rescue Expert says.
The worst case scenario - a 60% loss of value - presents a £564m risk.
However, this is significantly less than other sectors: retail, the top borrower, could cost taxpayers £4.6bn in a worst case repayment situation.
Bounce Back Loans are distinct from the repayable finance scheme offered under the Culture Fund, meaning the sector's overall debt to the Government is closer to £1.1bn.