IAB issued the following statement in response to the introduction of the Local News and Emergency Information Act. If passed, this proposal would help ensure local broadcasters and publishers are able to access vitally needed loans under the Small Business Administration’s Paycheck Protection Program:
“IAB applauds Chairman Cicilline and Ranking Member Sensenbrenner for their work to protect the local news industry, and Senators Cantwell, Boozman, Klobuchar, Ernst, Schumer for their similar efforts on the other side of the dome of the Capitol. The COVID-19 pandemic has demonstrated the significant value that local news plays in helping keep Americans and their communities safe and informed.
Unfortunately, local news has been significantly impacted by the current economic crisis. Recent IAB research finds that 88 percent of news publishers have had advertisers cancel campaigns since the crisis began.
Congress can help support the local news community by ensuring that they have equal access to relief funding, regardless of their business structure. We look forward to working with Congress toward that end.”