On March 27, Congress passed the CARES Act, aimed at stimulating the American economy in the wake of COVID-19. What is most relevant for your community radio station to understand about potential funds?
Among the provisions of the bill were eligibility for Small Business Administration loans to small noncommercial broadcasters.
The $349 billion in support comes through federally backed loans under a modified and expanded Small Business Administration 7(a) loan guaranty program known as the Paycheck Protection Program. Funds will be quickly available to qualifying organizations through approved banks and nonbank lenders.
Loans may be forgivable, depending on how they are spent.