As small businesses across Hollywood, and the country at large, struggle to stay afloat amid the novel coronavirus pandemic a federal relief program is providing a financial lifesaver
City National's entertainment division has already approved 1,500 loans and has another 600 applications pending.
"We have a peculiar situation where there’s an apparent gold rush and, at the same time, confusion with the regulations around it is slowing the actual disbursement of the gold," says Manatt Entertainment partner, Lindsay Conner. "The question of who in Hollywood will benefit will depend on who is nimble enough and persevering enough to get to the right banks and make arrangements in time to get in.
There's a total of $349 billion up for grabs. Applications opened on April 3 and they can be filed up to June 30 — but they're being issued on a first-come-first-served basis and it's anticipated that most lenders will hit their cap before that deadline.
City National's entertainment division has already approved 1,500 loans and has another 600 applications pending. They're primarily focusing on existing business clients, and asking those businesses to contact their relationship managers for assistance.
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