Paycheck Protection Program Funds For News Media Included In House Draft COVID-19 Relief Bill

Relief, At Least In Draft

Additional help for local media outlets in the next wave of aid in the Paycheck Protection Program has been included in the latest draft $3 trillion COVID-19 relief stimulus package in CONGRESS.

The language in the bill would offer expanded access to the forgivable payroll loans to newspapers and local radio and TV stations, as lobbied for by the NATIONAL ASSOCIATION OF BROADCASTERS and other news media industry organizations. Included in the provision are eligibility based on number of employees at individual locations rather than under the corporate umbrella, a controversial standard in the earlier CARES Act when used to give restaurant chains like SHAKE SHACK and RUTH'S CHRIS loans that drained the original fund before actual small businesses could obtain the loans (which were subsequently returned by some of the recipients); 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. Republicans on CAPITOL HILL have vowed to block the bill from getting past the SENATE.

NAB Pres./CEO GORDON SMITH said, “NAB thanks Speaker PELOSI and Chairwoman VELÁZQUEZ for their inclusion of expanded access to Payroll Protection Program loans for local radio and television stations in today’s draft Coronavirus economic relief legislation. NAB is particularly grateful to Reps. CICILLINE and SENSENBRENNER for their leadership in garnering the bipartisan support of 124 of their colleagues for these important provisions to be included in the bill, and Senators CANTWELL, SCHUMER, KLOBUCHAR, BOOZMAN and KENNEDY for their strong support in the Senate for these provisions.

"Hometown broadcasters and community newspapers are providing vital news and information during these unprecedented times to keep families and communities safe, while struggling with record advertising revenue losses. Broadcasters look forward to working with all Members of CONGRESS to ensure that such legislative language is swiftly enacted.”

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