Media outlets in the U.S. received a painful financial blow after the COVID-19 lockdown caused a 50% decline in revenue which heavily realied on advertising. But the aid is coming.
According to the National Association of Broadcasters, losses for the media may reach $3 billion by the end of 2020. Printed media has committed to lower quality and regularity, with some going out of business entirely. Staff members are receiving cuts in payment, getting laid off, or put on unpaid furloughs.
Following the new bipartisan U.S. Senate proposal of May 13th, news outlets can receive the Paycheck Protection Program (PPP) emergency assistance as a part of the $3 trillion relief bill introduced by Democrats on March 12th. While the relief bill was not supported by Republicans in the Senate, the proposal of financial help for the national media was supported by majorities in both houses, says Reuters.