The Seattle Times Co. has gotten a $9.9 million
federal coronavirus-aid loan, the paper reported.
“This is a
lifeline for us for the next 60 days,” said company President and Chief
Financial Officer Alan Fisco.
The loan comes under
the $349 billion Payroll Protection Program (PPP), which lets small businesses
borrow as much as two and a half months of payroll, up to $10 million.
The Times also owns
the Walla Walla Union-Bulletin, the Yakima Herald-Republic and a printing
facility in Kent
The federal government
usually defines small businesses as companies with fewer than 500 staff, but
the SBA includes exceptions for some industries, including newspapers, which
can have up to 1,000 employees, according to The Times.
“At least for now, we
are putting on the back burner any plans for broad scale layoffs, or cuts to
hours worked,” Fisco wrote in a note to staff last week. “There still may be
some targeted reductions, but nothing to the extent of cuts we would have had
to make without this support.”
A Tampa Bay Times
spokeswoman said the paper and its other publications would get an $8.5 million
forgivable loan, Reuters reported. Chairman and Chief Executive Paul
Tash said the loan would let the paper bring a “few colleagues back from
furlough, and we are reversing a pay cut for most employees a month sooner than
we had planned.” Bigger pay cuts for top executives will not be changed,
Reuters said.
Meanwhile Axios Chief
Executive Jim VandeHei said the company was eligible for almost $5 million
under the program, Reuters said.
Newsday has gotten a
$10 million loan from the program, publisher Debby Krenek said. https://www.newsday.com/business/coronavirus/newsday-ppp-loan-1.44074364
Many papers don’t
qualify for the loans because they are owned by large chains.
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