Despite Senate Democrats blocking the near $2 trillion stimulus package intended to rescue the U.S. economy during the coronavirus crisis, the National Association of Theatre Owners chief John Fith…
Senate Minority Leader Chuck Schumer walks to a meeting being held to discuss emergency economic relief legislation.“They’re not at an impasse,” Fithian told Deadline Sunday. “This is just part of the democratic process.”
Passage of the stimulus package in the Senate would provide great hope for U.S. exhibition which has been forced to shut down out of safety concerns until early June, hopefully not longer than that. Currently, theaters, from big to small, are saddled with fixed costs like rent, utilities, taxes and the inability to pay their employees, as they’re bringing in $0 income.
What’s vital in the third point is “loan guarantees from the federal government” which would keep exhibition afloat, and have the federal government backing loans at a time when banks are unwilling to extend credit lines to exhibition.“The loan guarantees are open to anyone, big or small, as long as they’re a distressed industry and the Treasury Department will decide who is a distressed industry,” said Fithian who sees no problem in exhibition falling into that category.
Senate Majority Leader Mitch McConnell, US Treasury Secretary Steven Mnuchin and Senate Minority Leader Chuck Schumer attend a meeting to discuss emergency economic relief legislation.Another important factor in the rescue plan here is “if Congress requires to have all those employees on our payroll throughout the crisis, we will go bankrupt even with the loan guarantees.
And with China about to turn the lights back on at theaters as early as March 26 or 28 with a gradual opening of its exhibition structure with catalog titles, why aren’t they encountering the same hardships as U.S. theaters?“Several of the biggest exhibition chains are owned by the government. China Film Group and Shanghai Film, which are the two of the biggest exhibitors in China, are government-owned.
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