The House of Representatives has passed The Heroes Act, which includes provisions to expand eligibility for SBA loan access to radio and TV stations. It has no chance of being approved by The Senate and signed by President Trump.
The $2.2 trillion bill Speaker Nancy Pelosi and the Democratic-run House approved, by a vote of 214 to 2017, would provide:
– Radio and TV broadcasters, and newspapers, the same treatment as hotels and restaurants received under the original CARES Act PPP – eligibility based on a physical location basis.
– Require a local station to fit within the SBA size standard for the broadcasting industry;
– Ensure that expanded PPP funds would remain at the local level through additional oversight.
Republicans in the Senate will not even consider the bill which they believe is too rich. The bill passing the House is most likely being used as a tool to try to sway voters in the upcoming election. Pelosi is continuing to negotiate with Treasury Secretary Steven Mnuchin on something both sides cal eventually agree on. Mnchin’s last offer to Pelosi was $1.62 trillion which included the small business help.
NAB CEO Gordon Smith said, “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.”
Read the 2,154 page House version of The Heroes Act HERE
Make sure that enhanced control would ensure that enlarged PPP money remained at the local level.
“…2,154 page House version…” tells us all we need to know.
Not saying that radio/media companies do not need help, but this illustrates how much personal congressional pet projects are also part of this bill – on BOTH sides of the aisle.