Community News and Small Business Support Act

Community News and Small Business Support Act

This bill allows certain small businesses and employers of journalists tax credits for advertising in local media and for the wages of not more than 1,500 local news journalists in any calendar quarter. Specifically, the tax credit for advertising in local media allows small businesses with less than 50 full-time employees a limited credit for the expense of advertising in a local newspaper, or in any licensed broadcast radio or television station that serves a local community.

The credit for the wages of a local news journalist is a payroll tax credit that takes into account wages not exceeding $12,500 in any calendar quarter.

Bill 118 hr 4756, also known as the Community News and Small Business Support Act, aims to provide support to local news outlets and small businesses across the United States. The bill recognizes the important role that community news organizations play in keeping citizens informed and engaged in local issues.

One key provision of the bill is the establishment of a grant program to provide financial assistance to struggling local news outlets. These grants would help cover operating costs and support the hiring of journalists to ensure that communities have access to reliable and accurate information.

In addition to supporting local news organizations, the bill also includes measures to assist small businesses in accessing capital and resources. This includes creating a loan program specifically for small businesses impacted by the COVID-19 pandemic, as well as providing technical assistance and training to help small businesses navigate the challenges of running a successful enterprise. Overall, the Community News and Small Business Support Act seeks to strengthen local communities by supporting the institutions that play a vital role in keeping citizens informed and supporting economic growth. The bill has garnered bipartisan support in Congress and is seen as a positive step towards revitalizing local news and small businesses across the country.