HOLLYWOOD OBTAINS RELIEF FROM USA’S $2 TRILLION STIMULUS PACKAGE

Last Wednesday night, the Senate passed a massive $2.2 trillion economic stimulus package to cover the impact of the coronavirus pandemic. Hollywood industries will relieve the losses they experienced during the coronavirus outbreak, with unemployment insurance, small business loans, funding for federal arts agencies and direct payments to eligible citizens. The bill was signed in the House last Friday, and some of its proposals include: 

A $500 billion lending program for cities, states, and businesses, with $29 billion in loans earmarked for the airline industry and $17 billion for businesses deemed important for national security, a $350 billion loan program for businesses with under 500 workers that pledge not to lay off any workers, an expansion of unemployment insurance that allows freelancers, gig workers, and furloughed employees to receive a payment of $600 a week for four months, a $150 billion in emergency aid for states, $117 billion for hospitals, $75 million each for the National Endowment for the Arts, the National Endowment for the Humanities and the Corporation for Public Broadcasting, $50 million to the Institute of Museum and Library Services and $25 million for the Kennedy Center in Washington, D.C, and$1,200 in direct payments for individual Americans who make $75,000 or less a year.

Many advocates on behalf of non-profit art space organizations are concerned that the funding still won’t be enough to help to hurt arts organizations. Teresa Eyring, the Executive Director of the nonprofit Theater Communications Group, stated that it “does not address the severity of the crisis in the not-for-profit arts field.” Other arts group leaders are also worried that advocating for arts funding from the government will become more difficult during a pandemic when other several other industries and organizations also need aid. Various lobbying groups admitted that they were pleased with the provisions included in the package and said they would help support their workers and respective businesses. The Motion Picture Association and National Association of Theater Owners have both expressed a sign of hope that the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act will provide relief to more than 5,500 movie theaters nationwide as tens of thousands of theatre employees are now unemployed, including members of AMC Theatres, Regal Cinemas, and Cinemark, including corporate headquarters. NATO Chief, John Fithian contrasted the circumstances for The National Association of Theatre Owners as “night and day.” The association said large and small businesses would allow theaters to pay their fix costs for the times during which they weren’t able to generate revenue. “With this aid, movie theaters can get through this crisis confident in being able to re-open, knowing their vital, trained workforce is able to weather this pandemic and have jobs waiting for them when it is safe to reopen,” said in a statement. “I say that things have dramatically improved now that this bill has passed the Senate,” Fithian said. "We went from chugging along in an industry that enjoys $15 billion in annual revenue, in concessions, not just tickets, to having zero revenue for an unknown amount of time in a matter of days. There are multiple provisions in this bill that not only help theaters maintain their liquidity and handle costs while doors are closed but can also help out hourly employees, many of whom have had to be furloughed at this time.”

Kate Shindle, the president of the Actors’ Equity Association agreed with the expanded unemployment insurance benefits, and stated that would help furloughed arts professionals and freelancers get the “financial assistance they need.” Many studios are informing their talent and their reps know that at this point they do not expect these stalled productions to get back underway until mid-May at the earliest. Studios are now finding ways to ensure the safety of their casts and crews, as well as trying to figure out how to accommodate talent that had lined up other productions in the coming months. Studios will not organize a work schedule until local governments lift the ban on gatherings of more than 10 people. In-demand stars such as Chris Pratt in “Jurassic World: Dominion” or Dwayne Johnson and Ryan Reynolds in “Red Notice” hope to schedule a date to finish shooting. Individuals in supporting roles who have larger parts in upcoming productions will likely have to drop out, and insiders say studio executives are already checking in on the availability of other actors who can serve as possible replacements. Pre-production films such as “Uncharted” and Disney’s “Peter Pan & Wendy” are on pause as well, until firm start dates can be sorted out. The largest pre-production film still on halt is Marvel’s “Doctor Strange in the Multiverse of Madness.” Pre-production has continued remotely on the superhero film, and sources say it is still on track to start shooting in June.