Event companies, which were some of the first hit by the financial impacts of the COVID-19 outbreak, are looking to recent stimulus actions to keep their cash flow up as the government continues to extend limitations on in-person gatherings. Anywhere from 50 to 80 percent of B2B exhibitions held in the U.S. from March 1 to May 15 have been cancelled or are expected to be cancelled, according to estimates from the Center for Exhibition Industry Research. The trade group estimates the cancelations conservatively add up to about a $14 billion loss to the economy overall and a $2.3 billion loss in revenue for show organizers. Local event industry executives said the Coronavirus Aid, Relief and Economic Security Act will help stabilize their businesses and protect their employees in a number of ways. While employers in the event space say they are still working through the full extent of assistance offered by the bill, executives cited the employee retention credit and the payroll tax deferment as two main programs that will help immediately. βFor Freeman, from the very beginning of this crisis, we've said, βLook, our goals are very clear. We want to take care of our people. And we want to stabilize the business because we think it's going to have a serious impact on the business because this is not going to end quickly,ββ said Freeman CEO Bob Priest-Heck. Priest-Heck said the CARES Act goes a long way to help but is probably not enough. He said he hopes there will be more legislation to continue to solve the Dallas-based event companyβs problems.
