The HEROES Small Business Lifeline Act has been introduced in the U.S. Senate. It includes provisions to expand eligibility for U.S. Small Business Administration loan access to struggling local newspapers and radio and television stations. Here’s what NAB CEO Gordon Smith said when he heard what the Senate was up to…
“NAB applauds the inclusion of provisions in the HEROES Small Business Lifeline Act that would expand eligibility to Payroll Protection Program loans for local media outlets, including radio and television stations. These provisions would help local broadcasters weather unprecedented economic challenges while continuing to provide critical news and information about important issues affecting our communities.”
“We thank Senators Schumer, Cantwell, Cardin, Shaheen, and Coons for the introduction of this critical legislation, and the many members of Congress who have voiced their support for America’s radio and TV stations during these difficult times. We also thank Speaker Pelosi and Chairwoman Velázquez for including similar provisions in the House-passed Heroes bill, and we appreciate the leadership of Reps. Cicilline and Sensenbrenner, Sens. Cantwell, Boozman, and Schumer, and their bipartisan cosponsors of standalone legislation in both Houses to provide this much-needed aid for local media.”
The expansion of Payroll Protection Program for local media would provide television and radio broadcasters, as well as newspapers, the same treatment as hotels and restaurants received under the original CARES Act PPP – eligibility based on a physical location basis.
