NATO Urges Congress for Film Industry Aide
NATO (The National Association of Theatre Owners) is urging Congress to consider helping the industry with some immediate relief measures to help with the effects related to the COVID-19 virus. These measures include:
* Loan guarantees that ease a liquidity squeeze imposed by fixed costs in the face of non-existent revenues.
* Tax benefits to assist employers with providing support to employees;
Relieving the burden of costs that are ongoing despite closures; and
* Tax measures that will allow theaters to recoup losses when the industry is back up and running.
NATO also stated the following:
As we confront this evolving and unprecedented period, we call on Congress and the Administration to ensure that America's movie theater industry and its tens of thousands of employees across the country can remain resilient.
Additionally, the Executive Board of the National Association of Theatre Owners (NATO) today authorized $1 million dollars drawn from the Association's reserve to aid movie theater employees who are out of work due to movie theater closures stemming from the COVID-19 pandemic. The money will be used as seed funds for an effort to help tide workers over in this crisis in cooperation with our industry partners. Details of the fund will be released shortly.
The National Association of Theatre Owners is the largest exhibition trade organization in the world, representing more than 33,000 movie screens in all 50 states, and more than 32,000 additional screens in 98 countries worldwide.