Small Hollywood companies can apply for loans

Many small companies across the country have been affected economically by the coronavirus. The Small Business Administration announced that Hollywood companies that have less than 500 employees, can apply to bank loans through a federal relief program.

The Paycheck Protection Program is a relief program that assures the payment of at least eight weeks of salaries to the companies who are granted the loan.

The total sum approved for these small companies that have had to stop their productions is US$349 billion, of which US$205 billion have already been granted, according to the American Bankers Association.

Applications started April 3 and can be delivered until June 30. Around US$250 billion more are expected to be delivered to the program in case it is necessary.