The Alliance is pleased to report that the latest stimulus package, introduced by U.S. Speaker of the House Nancy Pelosi, includes support for local news in the form of an affiliation waiver allowing more news publishers to apply for Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP). The Speaker’s proposal includes a waiver for news publishers to apply for PPP loans as individual, independent entities, despite ownership by companies with other small news publishers or non-news businesses, allowing more publishers to qualify for the vital loans.
During the coronavirus pandemic, news publishers across the country are providing quality, real-time information that is necessary for keeping communities informed of health-related developments, closures, re-opening plans and other critical information. News outlets should benefit equally from the relief provided by Congress in the CARES Act, which provided significant funding through the Paycheck Protection Program. The Alliance applauds Speaker Pelosi for recognizing the importance of expanding SBA loan eligibility to these news publishers that are providing news at the local level and looks forward to the consideration of Speaker Pelosi’s package, which is expected to be acted upon over the next week.
This effort was led early on by Chairman David Cicilline (D-RI) and Ranking Member Jim Sensenbrenner (R-WI), who sent a bipartisan letter with over 125 Members to support the inclusion of relief through expanded SBA loans for affiliated news publishers. The Alliance is grateful for the continued support of these champions for local news.
Members of the News/Media Alliance staff have contributed to this post.