Advance Local, publisher of nine digital news sites and 24 affiliated local newspapers, has applied for federal Paycheck Protection Program loans under a Covid-19 relief package passed by Congress in December.
The loans from the U.S. Small Business Administration are aimed at helping companies keep workers on their payroll during the coronavirus pandemic.
Advance Local said its loan application, along with that of one of its affiliated newspapers, The Star-Ledger in New Jersey, are pending with the SBA.
Loans to three other affiliated newspapers have been approved: The Plain Dealer in Cleveland, The Republican in Springfield, Mass., and the Jersey Journal.
Advance Media New York, which publishes The Post-Standard and operates syracuse.com, is a legal affiliate of Advance Local. The company did not disclose the amount of the Advance Local loan application.
Paycheck Protection Program loans provide small businesses with low-interest, forgivable loans of up to $10 million to pay for eight to 24 weeks of payroll, rent and other business expenses.
Advance Local said it plans to use the loans to cover some of its 2021 payroll expenses, utilities and other eligible costs, allowing its news sites to continue to provide vital local news and information during the pandemic.
The Small Business Administration made the loans available to most businesses with fewer than 500 employees to help them keep operating without layoffs during the pandemic.
Many local news publishers and broadcast outlets were excluded from applying for PPP loans last year because the companies are affiliated with larger ownership groups that have more than 500 employees spread across the nation.
Congress changed the eligibility requirement when it passed a $900 billion Covid relief bill on Dec. 21, its latest round of aid.
Senate Majority Leader Charles Schumer, D-N.Y., pushed for the change, allowing individual local news outlets to apply for loans if they serve a single community or metropolitan area and have fewer than 500 employees at one location.
Newspapers are eligible if they have fewer than 1,000 employees per location.
Schumer said the emergency loans would help keep local news outlets operating as they recover from losing up to 80% of their advertising revenue during the peak of the pandemic.
A group of 124 House Democrats and Republicans supported making local news publishers and broadcasters eligible for the loans.
The group sent a letter to House leaders in April, noting that the pandemic underscores the need for reliable local information and reporting.
“Under ordinary circumstances, this work is essential to public health and safety, local businesses, and our democracy,” the letter said. “But it is more important than ever as our country responds to and recovers from the Covid-19 crisis.”
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March 06, 2021 at 06:52AM
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Media company Advance Local applies for newly available Paycheck Protection Program loans - syracuse.com
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