Kodak is slated to receive a $765 million federal loan as a part of the Defense Production Act so it can start producing drugs to help treat the coronavirus.
This will create over 300 Kodak jobs in Rochester and another 50 at its plant in Minnesota.
The Wall Street Journal says that this loan is the first of its kind under the Defense Production Act.
The plant will be responsible for producing ingredients for generic drugs, as well as hydroxychloroquine.
According Kodak chairman and CEO Jim Continenza, the government loan must be paid back over the next 25 years.
Kodak will be providing more details in the next couple of days.