House Plans Vote on Small Business Loan Tweaks

House Speaker Nancy Pelosi (D-Calif.) plans a vote on the Paycheck Protection Flexibility Act which would make changes to the Paycheck Protection Program, the small business loan program that was part of the CARES Act COVID-9 aid bill. 

While that bill does not include allowing news outlets--TV and radio stations and newspapers--that are part of larger media groups qualify individually for the forgivable small business loans it does make changes that affect the small media outlets that do qualify. 

That includes 1) allowing forgiveness for expenses beyond the eight weeks covered by the first bill, 2) eliminating the 25% limit on loan proceeds that can go to non-payroll expenses, 3) full access to payroll tax deferment, and 4) extend the deadline for rehiring beyond June 30 so that it dovetails with the expiration of enhanced unemployment payments.  

While the National Association of Broadcasters is not on a list of most of a dozen organizations supporting the bill, a source speaking on background said the group is supportive of those fixes for broadcasters who have received loans.  

John Eggerton

Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.