Paycheck Protection Program Funds For News Media Included In Proposed Senate COVID-19 Relief Bill

Relief Proposed

After the HOUSE introduced draft language of a new CARES Act that would expand local news media's eligibility for Paycheck Protection Program loans (NET NEWS 4/12), the SENATE has followed suit with the introduction of a bipartisan COVID-19 stimulus relief bill that includes similar language beneficial to local media.

The language in the SENATE bill, as in the HOUSE version, would offer expanded access to the forgivable payroll loans to newspapers and local radio and TV stations. Included in the provision are eligibility based on number of employees at individual locations rather than under the corporate umbrella, an additional eligibility standard of under $41.5 million in annual revenue, and additional oversight to keep the new round of funds on the local level. SENATE Majority Leader MITCH MCCONNELL (R-KY) has said that he will block any additional relief bill proposed by Democrats from getting through the SENATE.

NAB Pres./CEO GORDON SMITH said, “NAB applauds Sens. CANTWELL, BOOZMAN, KLOBUCHAR, ERNST, and SCHUMER for introducing bipartisan legislation that would expand access to SMALL BUSINESS ADMINISTRATION loans for local radio and television stations under the Payroll Protection Program. Advertising losses have devastated the local media business in recent weeks at a time when credible, lifesaving local news and information is needed most. Broadcasters look forward to working with CONGRESS to ensure that this legislative language is included in future CORONAVIRUS economic relief efforts to help preserve local media and local journalism.”

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