House Passes $2.2 Trillion Stimulus Package That Includes PPP Loan Eligibility For Local Media

Stimulus Bill Passes House

The HEROES Act, the COVID-19 stimulus bill proposed by HOUSE Democrats, passed CONGRESS on THURSDAY (10/1) and includes expansion of SBA Payroll Protection Program loans to local media, some of which did not qualify for the first round of PPP loans.

The new bill, which is unlikely to pass the Republican-controlled SENATE as is, allows local media clusters to be treated as individual smaller businesses rather than as a part of a larger corporate entity. The $2.2 trillion bill, which includes $1,200 stimulus checks for low- and middle-income individuals and families, would also restore the $600 weekly federal supplement for unemployment. While President TRUMP has indicated that he wants to sign a stimulus bill, SENATE Republicans have balked at the price tag and some of the provisions attached to the HOUSE bill.

NAB Pres./CEO GORDON SMITH responded with a statement saying that his organization "applauds HOUSE passage of The HEROES Act that would expand eligibility to Payroll Protection Program loans for local media outlets, including radio and television stations. AMERICA’s broadcasters and hometown newspapers have been providing comprehensive coverage and critical information during the COVID-19 pandemic, even as they face unprecedented financial hardships that threaten local journalism.

"We thank Speaker PELOSI and Chairwoman VELÁZQUEZ for including provisions to support local broadcasters during these difficult times, and we appreciate the leadership of Reps. CICILLINE and SENSENBRENNER, Senators CANTWELL, BOOZMAN, and SCHUMER, and their cosponsors in both chambers in support of these important provisions.” CICILLINE and SENSENVRENNER previously introduced a bill (the Local News and Emergency Information Act) to expand PPP eligibility for local media; a SENATE version was also introduced by a bipartisan group of Senators.

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