The entertainment industry has been begging for some form of relief from the ravages of the coronavirus pandemic on the economy for months. It seems- finally- there could be some movement in the water. BLAKE & WANG P.A Entertainment Attorney Los Anngeles takes a closer look.
Acknowledging industry pushes
Just this week, we finally saw a $2.3 trillion coronavirus relief package and government spending bill pass the senate. Of course, it’s not all funneled towards entertainment. Yet some of the requested provisions the industry has been desperately pushing for- especially from movie theaters and live venues- have passed with it, and the mood is overall positive. It’s estimated 70% of small- and mid-size venues will be forced to close for good, or file for bankruptcy, without some kind of help from the government, so the timing could not be better.
Saving venues
Save our Stages, a petition from the entertainment industry to help such venues, seems to be fully included in the bill. Venues with sub-500 employees, who have lost 25% or more of their revenue, will be able to claim under the scheme. Originally intended only for live-action arenas, it was expanded in October to include the exhibition industry. Likewise, employee retention credit for large and small businesses have also been expanded and refined, a boon for studios of all sizes.
We’re not quite there, yet. The bill has yet to be signed by the incumbent President. It is, however, finally providing some hope that the government is refocusing its priorities more appropriately. They have seemed very disinterested in the woes of the entertainment industry- and indeed businesses and employees nationally- to date. Indeed, they have been widely seen to be bickering party politics at a time when the American people need them to unite against the crisis. BLAKE & WANG P.A can only hope the move to push it into action is swift, for the sake of the many businesses relying on it.
