The House is expected to introduce a bill in the next week to expand news outlets’ eligibility for small business loans (The Wall Street Journal)
Under the current eligibility rules for the Paycheck Protection Program, newspapers whose parent companies have more than 1,000 employees are not eligible for the federal government’s rescue package, designed to help small businesses handle the economic fallout of the coronavirus. The maximum-employee requirement means that newspapers representing more than 80% of U.S. circulation are disqualified from the program. Under the new legislation, the size provision would be waived for local newspapers and broadcasters, though broadcasters making more than $41.5 million per year would not be eligible. Senators Maria Cantwell and Amy Klobuchar are reportedly looking to move the proposal forward in the Senate.