Schumer: New coronavirus bill makes local news outlets eligible for small business loans

A $3 trillion federal coronavirus relief bill unveiled Tuesday would make local newspapers and broadcast outlets eligible for small business loans to keep employees on the payroll, according to U.S. Sen. Charles Schumer.

The popular Paycheck Protection Program loans through the U.S. Small Business Administration are available to businesses with fewer than 500 employees. 

But many local newspapers, TV and radio stations were excluded from applying for the loans because they are affiliated with larger ownership groups that have more than 500 employees spread across the nation.

Schumer, D-N.Y., said the new coronavirus relief package crafted by House Democrats will allow local newspapers and broadcasters to be considered as independent entities in order to meet the size standard.

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