The law firm of Sternberg, Naccari & White has been on the front line of the Cares Act and its implications for the past nine months, including advising many media company clients. 

On December 28, two of the firm’s attorneys, Scott Sternberg and Keith Naccari, presented a webinar for news organizations to review the implications of the recently approved 2021 stimulus package. The webinar was put together by the Louisiana Press Association, and they graciously opened it up to NENPA members.

Read the follow-up article written by Sternberg and Naccari published on Dec. 29:
Seven Things You Need to Know About the New Stimulus!

The presentation covered adjustments to the PPP (Paycheck Protection Program), clarified tax consequences for the first and second draw of the PPP, reviewed new expenses that can now be deducted for the forgiveness of PPP loans, and discussed a potential opportunity for net operating loss carryback. 

A few things to note on qualifications. To be eligible they will look at your NAICS industry code and you must provide local news or be an emergency news service. If you got the first round of PPP you can still apply for this round. 

Important areas that news organizations can benefit from include expense deductions against your PPP for covered supplier costs (ex. paper, ink), capital expenditures (ex. buildouts to reconfigure office layouts or add protection barriers), and other expenses for purchasing supplies to keep an office safe and clean (ex. Clorox wipes, masks, hand sanitizer.)

If you think you qualify for this round of PPP loans, they are recommending you have your quarterly information pulled together and file for the loan as soon as possible.

Paycheck Protection Program – Participating Lenders By State

If you weren’t available to join the live discussion, we encourage you to watch the recording.