The venue has been struggling financially during lockdown
The Theatre Royal Plymouth has received £806,000 in funding, to help it get through lockdown.
The money has come from the Arts Council, and is part of a £2.68million handout to 22 arts organisations across the South West.
It comes a day after the Government announced a £1.57billion package to help the culture and arts sector nationally.
In response to that news, the theatre's CEO, Adrian Vinken said:
"What we have got to try to do is keep the core skill-sets, experience and know-how of the theatre alive and until that point when we can rebuild again and get back to doing what we do so well.
"Providing it delivers what we hope it delivers, it means is that our board isn't faced with a terrible decision at about the end of September/October, of having to wind the whole organisation down and make everybody else redundant.
In June, the Theatre Royal Plymouth said that more than 100 jobs would be lost. Mr Vinken said the new funding will not reverse that decision:
"Hopefully it gives us that lifeline to the future, but it doesn't reverse any of that because the financial situation that we're in and the view of the future, the unknown, remain the same."