RALEIGH, N.C. – The CEO of a downtown theater on Monday said it will be tough to stay afloat without another round of loans.

North Carolina Theatre, based out of the Duke Energy Center for the Performing Arts, has not held a performance since February. President and CEO Elizabeth Doran says the theater is not able to livestream productions due to union rules. Seventy-five percent of its revenues come from ticket sales. On top of that, the theater incurs numerous costs for each production because so much of the work is done in house. She says that alone means her theater plays a major role in the local economy.

“Our money flows back, primarily, to this region,” she says. “We couldn't be more proud to hire local artisans who work on things like wigs and sets and lights.”

The theater will be one of thousands of North Carolina businesses competing for $284 billion in Paycheck Protection Program, or PPP loans, as authorized by the stimulus bill President Donald Trump signed late Sunday. UNC-Charlotte economist Prof. John Connaughton says those loans have proven to be some of the most effective forms of aid when it comes to helping people make ends meet.

“We've had essentially four or five months without paycheck protection, so firms that were using it to keep their employees on payroll were unable to do that for a number of months,” he says. “Bringing it back again, I think a lot of the employees have been laid off.

As a theater owner, Doran will have a second option to keep her operation afloat. The stimulus measure includes $15 billion in aid specifically for theaters and other entertainment venues. Any venue that has lost at least 25% of its revenue this year will be able to apply for a loan of up to $10 million. Connaughton says lawmakers could have done something similar for the restaurant and hospitality industry, since that sector has not recovered in the same way as most other parts of the economy.

Doran says the first round of PPP loans this spring proved a lifesaver for her theater. If she is unable to secure a second loan this time, she says the theater will continue its efforts elsewhere, including fundraising.