Over 60 newspaper companies among media businesses that received millions in COVID-19 stimulus loans

More than 60 newspaper businesses and other media companies such as Forbes Media and Alaska Public Media received millions of dollars in forgivable coronavirus stimulus loans.

The forgivable federal loans were issued under the Paycheck Protection Program as part of the $2.2 trillion CARES Act stimulus bill passed this spring by Congress and signed into law by President Trump. The media has been considered as essential business throughout the pandemic.

Brookings Newspapers, Cookeville Newspapers, City Newspapers, Wyoming Newspapers, Tribune Newspapers and The Epoch Times Association appear under the $150,000 to $350,000 category, according to data provided by the Small Business Administration. 

Joongang Daily News Atlanta received $150,000 to $350,000, and JOONGANGILBO USA, the owner and operator of Joongang Daily News California, The Korea Daily and other Korean media properties, received $1 million to $2 million.

Cleveland Newspapers, Southern RI Newspapers, Alaska Public Media and San Francisco Print Media are among the $350,000 to $1 million category. The Daily Caller, an online media outlet, also received $350,000 to $1 million.

The Washington Times, owned by Operations Holdings, which is affiliated with the Unification Church of South Korea, as well as Hoffman Media Inc., a women’s lifestyle publisher, received $1 million to $2 million.

The Korea Times Los Angeles, Sun-Times Media Productions and Scranton Times received $2 million to $5 million.

Forbes Media, the company behind Forbes Magazine and other financial publications, as well as the Seattle Times Company are listed under the $5 to $10 million category. 

The Seattle newspaper informed subscribers that it received a $9.9 million loan in advance of the government data release. SummitMedia, a radio broadcasting company, also received $5 million to $10 million.

The government data released did not contain the exact amount of each loan.

According to the SBA, the loan is forgivable if "at least 60 percent" of it is used toward payroll. The rest can be used for qualified expenses such as rent and utilities.