Legislation to Expand Paycheck Protection Program Eligibility Introduced in House and Senate
Earlier this month, the House of Representatives passed The Heroes Act, which includes provisions to expand eligibility for U.S. Small Business Administration loan access to struggling local newspapers and radio and television stations.
Sponsored by Reps. David Cicilline (RI-01) and Jim Sensenbrenner (WI-05) in the House and Sens. Maria Cantwell (WA), John Boozman (AR) and Chuck Schumer (NY), the expansion of the Payroll Protection Program (PPP) 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 Paycheck Protection Program (PPP) - eligibility based on a physical location basis;
- Require a local station to fit within the SBA size standard for the broadcasting industry; and
- Ensure that expanded PPP funds would remain at the local level through additional oversight.
Similar legislation - the Heroes Small Business Lifeline Act - was introduced in the Senate on October 21, to expand PPP loan eligibility for broadcasters. NAB thanked Sens. Charles Schumer (NY), Maria Cantwell (WA), Ben Cardin (MD), Jeanne Shaheen (NH) and Chris Coons (DE) for their support for America's radio and TV stations during these difficult times.
NAB will continue to fight for station relief in any COVID-19 relief legislation that is considered. If you have not yet done so, please reach out to your legislators to reinforce the need for additional congressional action here.