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No, it's not horseshit. Yes, the situation is very bad for current owners and organisers, but this doesn't mean that long-term, all of that stuff just disappears forever.
SwissChap-
Long term maybe, but it will take years. This isn't just a mothball situation - if you run a small independent bar / theatre / whatever you currently have no revenue and stock going off, staff to pay or let go, and despite the chancellors plans, still outgoings - utilities, wifi, etc etc.
Many, many businesses can't afford not to be trading and will go under. They can't close for a month or 2 and then pick up where they left off.
Then who has the cash to start new businesses in the face of a massive global recession?
villa-ru
Only it's horseshit. A load of theatres and live music venues are going to go to the wall pretty swiftly, many bands aren't going to be able to afford to keep going. If your favourite football team is in the lower divisions, there's a likely to be a good chance you'll never see them play again. Independent restaurants, cafes, pubs are all in serious jeopardy.
If you want to go see Coldplay, watch Manchester United and eat in Wetherspoons, yeah, you'll probably be fine.