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More to Disaster Relief than Just PPP and Emergency Loans

- NAB Site Points to Other Beneficial Measures

Since Congress began providing unprecedented measures of financial relief to businesses reeling from the COVID-19 disaster most of the focus has centered on the forgivable Payment Protection Program loans and the low-interest Emergency Injury Disaster Loan program. But the range of assistance to ailing businesses extends beyond those two measures, and less well-known offerings could prove extremely beneficial.

As the nation awaits agreement between the Democratic-led House and Republican-led Senate on whether or how much more aid to approve, TAB, NAB and other industry advocates continue to press for more help for broadcasters. 

This includes expanding PPP eligibility to include stations part of groups with more than 500 employees, prioritizing local news media for federal ad spending on pandemic-related and other activities, and adding advertising as an operating expense eligible for PPP loan forgiveness to aid businesses in reopening.

In the meantime, NAB is highlighting several other measures included in Congress’ disaster relief bills that provide meaningful assistance, depending on a business’ situation. These include:

Employer Payroll Tax Deferral – Half due Dec. 31, 2021, balance due Dec. 31, 2022

Net Operating Losses – Losses from 2018, 2019 and 2020 can now be carried back for five years, and businesses can use 2020 net operating losses to fully offset income during the same year.

Interest Deductions – Deductibility increased from 30 percent to 50 percent for calculating adjustable taxable income for 2019 and 2020

Employee Retention Credit – Certain businesses not utilizing PPP may claim a refundable payroll tax credit for part of wages paid between March 12 and Jan. 1, 2021.

Details at NAB’s CARES ACT-Users Guide for Broadcasters

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