Local News and Emergency Information Act of 2020
This bill expands the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), to include certain newspaper publishers, radio stations, and television broadcasters.
Specifically, such a media purveyor is eligible to receive a paycheck protection loan if (1) the individual physical location that applies for the loan does not exceed Small Business Administration size standards (up to 1,000 employees for newspaper publishers and $41.5 million in gross receipts for radio and television broadcasters); and (2) the proceeds of the loan are used to support the continued provision of local news, information, content, or emergency information. Such a recipient may not remit any portion of a paycheck protection loan to any entity other than the individual physical location that is the loan's intended recipient.
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