Posted on 04/24/2020 12:10:24 AM PDT by be-baw
News outlets are receiving tens-of-millions in federal stimulus money as part of the $2.2 trillion coronavirus stimulus package that President Trump signed into law, among them such venerable newspapers as The Seattle Times and Tampa Bay Times.
The money is coming through forgivable Paycheck Protection Program loans under the CARES Act that Congress passed last month.
According to the Small Business Administration, businesses with under 500 employees can apply for PPP loans, which are forgivable if they are used for qualifying expenses such as payroll costs and rent.
However, it's unclear whether any of the news outlets intend to repay the money, or how much they'll repay.
The Tampa Bay newspaper, which received an $8.5 million loan, told Just the News on Thursday that its chairman and CEO, Paul Tash, says the federal government will "likely forgive much of the loan" and that the "remaining balance" will carry an interest rate of 1 percent.
The Seattle Times received a $9.9 million PPP forgivable loan from the federal government. In its voluntary announcement of the loan, the Seattle Times stated that the loan is forgivable but didn't specify whether the company plans to repay any of the money. The paper did not respond to a request for comment before publication.
The media outlet Axios, based in Arlington, Va., disclosed that it had received a forgivable PPP loan of roughly $5 million. Axios did not respond when asked if it plans to repay the loan.
Congress setup the Troubled Asset Relief Program (TARP) in the 2008 rescue package during the financial crisis.
Most of the money that went to financial institutions as part of the program had to be repaid.
The Treasury Department ultimately reported a profit of $15 billion in 2014 after TARP officially ended. The funds provided to businesses in the CARES Act that passed last month do not need to be repaid in full if certain requirements are met.
The SBA's PPP program webpage explains that the loans "will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees."
Leverage in the form of frequent public floggings.
We can be outraged, but, the janitors and people who answer the phones need their checks.
Gee, and I haven’t even gotten a penny yet and I have no idea why. They said we would get it automatically if we’re on SSI, but so far, nothing.
Can’t even call the IRS because it’s seems they’re not answering. Anybody on SSI here? Have you gotten your ‘payoff’ yet?
Axios
Seattle Times
Tampa Tribume
Why is it that lefties always take the money?
Not yet. But I could use a “forgivable” loan of a couple million.
My question is this, sba loans and ppp loans are not forgiven we have to pay them back, they are oans. The only thing forgiven is proof that you used it for expenses and that has a ceiling. Why are Americans with small businesses put on a hook and the millions given out to others are forgiven???
If you follow the ownership for at least one of those rags, I think American taxpayers have just bailed out Gannett.
And the Blether family in the case of the Seattle rag.
WTG, Fedzilla.
...Blethen...
The formula is ...
You can get a loan for 2.5 times your average 2019 payroll.
The loan will be forgiven at 8 weeks of actual 2020 payroll, plus 25% more; bu the 25% more must be spent on qualified expenses basically mortgage, rent, and utilities.
Same formula for all borrowers.
Congress certainly intended to prop up Axios, Tampa Bay Times, and any other news outfit under the ceiling. Congress knows how to draft laws to get the intent it wants.
Though that's 13 days more than I'd give those expletives-deleted.
“Not yet. But I could use a “forgivable” loan of a couple million.”
Isn’t a forgivable loan basically a giveaway?
OMG!
You’d think the free money would be limited to those deemed non-essential, those who were FORCED to close down.
We’ll protect your paycheck while you are FORCED to be closed.
But no. Congress didn’t think that limitation made any sense.
Hand out free money, of course people will go for it.
Worst part of all this: After WuFlu is no longer Public Enemy #1, we’ll still have Con-gress.
Sigh.
Trump got player again. Dems are propping up their failing psyops operations at taxpayer expense.
DEMs are going to use this to impeach him again.
And the press will be 95% on board.
The money would have been better spent buying lottery tickets at least they would have something for their money.
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