Last month, large restaurant chains took millions of dollars in loans meant for small businesses. Watchdog groups are worried radio conglomerates may try to do the same
, Townsquare Media , and Entercom — cheered the Heroes Act. “Hometown broadcasters and community newspapers are providing vital news and information during these unprecedented times to keep families and communities safe, while struggling with record advertising revenue losses,” the NABon Tuesday. “Broadcasters look forward to working with all Members of Congress to ensure that such legislative language is swiftly enacted.
The American Association of Independent Music, which counts more than 700 independent labels as members, also came out against the bill’s current language on Thursday. “It would be a travesty if these large radio conglomerates were able to get money out of the next tranche of PPP forgivable loans,” says Richard James Burgess, the head of A2IM. The big radio companies “are masquerading as small businesses, but they’re gigantic conglomerates.
The large radio companies represented by the NAB rival these national restaurant chains in size — iHeart, for example, employed more than 12,000 people beforeBut the Heroes Act pretends otherwise. On page 823, the bill currently notes that an “individual physical location” of a conglomerate will now “be treated as an independent, affiliated entity.” That makes it newly eligible for a loan “to support the continued provision of local news, information, content, or emergency information.
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