S.3718 - Local News and Emergency Information Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Cantwell, Maria [D-WA] (Introduced 05/13/2020)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||Senate - 05/13/2020 Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
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Summary: S.3718 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (05/13/2020)
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.