The bill would set up a $454 billion loan guarantee fund that would allow distressed businesses to pay their fixed costs at a time when no revenue is coming in
.
As of late last week, virtually all the 5,500-plus movie theaters across the U.S. were shuttered because of the virus. There will also be expanded Small Business Administration programs that will allow smaller businesses — defined as having 500 employees or less — to do the same and, in some cases, be eligible for loan forgiveness. A majority of the country's cinemas would fall under the definition of a small business, according to NATO.
In the wake of last week's cinema closures, more than 150,000 theaters workers have been furloughed or let go.
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