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Heritage Broadcasting gets $1 million+ Covid grant

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Dr. Sandi
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Heritage Broadcasting gets $1 million+ Covid grant

Post by Dr. Sandi » Tue Jul 07, 2020 9:50 pm

I was impressed to see tonight that Heritage Broadcasting of Cadillac (TV 9&10) got a bunch of federal Paycheck Protection Program money.


According to Open The Books website
https://www.openthebooks.com/maps/?Map= ... apType=Pin

Heritage Broadcasting Company Of Michigan 4/13/2020 $1-2 million 49601


I hope they bought themselves something nice with it.

Hopefully it kept a few broadcasters off the beach during the lockdown.


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NMCSpeaks
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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by NMCSpeaks » Tue Jul 07, 2020 10:37 pm

Yeah. And Interlochen Center for the Arts, including their broadcast properties, received a reported Ten Million Dollars ($10,000,000.00) in PPP money.



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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by Ben Zonia » Wed Jul 08, 2020 12:40 am

NMCSpeaks wrote:
Tue Jul 07, 2020 10:37 pm
Yeah. And Interlochen Center for the Arts, including their broadcast properties, received a reported Ten Million Dollars ($10,000,000.00) in PPP money.
That ought to cover the money they lost when they returned contributions to Jeffrey Epstein. Read about it. He had a "Lodge" named after him at the Arts Academy, which has been renamed. I have to admit, Interlochen handled it honorably. Wonder if he made air check tapes of himself on WIAA in 1967. Don't think air check collectors would want that. Truth is stranger than fiction.


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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by audiophile » Wed Jul 08, 2020 2:14 pm

It's not a grant - it's loan of 2.5 times one month of last years payroll, that is forgivable if you hired everyone back by June 1st and keep them for two years.

So If Heritage got 1 million that means the monthly payroll is $250,000. That doesn't seem right.

Lots of strings attached and if your receipts don't increase you might be further ahead repaying it.


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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by TC Talks » Wed Jul 08, 2020 5:22 pm

SBA also has Disaster Loan programs outside PPP. 30 years at 2.75% up to 5 million with 48 hour approval.


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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by Dr. Sandi » Wed Jul 08, 2020 5:53 pm

As I understand this week's gov position on the PPP, the money can be used for any necessary business expense in addition to payroll. Crazy things like power, rent, taxes, executive full release massages, whatever you can write off as a biz expense.

Let's face it, a lot of broadcasters got a Marine style haircut in the sales department when the lockdowns hit. That's part of the reason for the handouts.


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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by audiophile » Wed Jul 08, 2020 6:33 pm

It can be used for a lot of things like a regular loan, but if you want it forgiven, you have some pretty strict rules to follow for the next 2 years..

It's not all it cracked up to be.

Personally I don't feel right about it, but I know it has been helpful for others.


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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by MWmetalhead » Wed Jul 08, 2020 10:20 pm

The rules for forgiveness primarily relate to maintaining adequate payroll records and other basic financial records - basically, an audit trail showing the proceeds were used for the intended purpose(s).

If the borrower doesn't qualify for forgiveness, then they simply have a very low interest rate loan that can be prepaid early or paid in full on the maturity date.

Also, you do not need to keep employee headcount consistent for two full years. Not sure where you came up with that.

I will also note that forgiveness is not necessarily an "all or nothing" proposition; there are pro ration mechanisms if the PPP borrower does not meet all eligibility requirements for full forgiveness.

Broadcasters reliant on advertising have been hit very hard financially by COVID-19; it does not surprise me that Heritage Broadcasting applied for and accepted PPP financing.



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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by Dr. Sandi » Thu Jul 09, 2020 12:33 am

I got one of these PPP grants for my little hybrid operation. We have just installed a new antenna array which set us back several thousand dollars for tower monkeys. Combine that with tower rent and it adds up. Ours is under 10 kilobucks.

Even though we have no paid staff, the PPP helped keep us on an even keel when the plague infected our share of the spring ad revenue checks. Since rent is one of the allowable expenses, we should be able to be forgiven our debts as we forgive our debtors.


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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by audiophile » Fri Jul 10, 2020 8:42 pm

Rent is allowable but not completely forgivable. You'll only get forgiveness for 25% of non-payroll uses.

I'm not sure how you even got one without payroll under PPP.


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Re: Heritage Broadcasting gets $1 million+ Covid grant

Post by MWmetalhead » Fri Jul 10, 2020 9:08 pm

Non-payroll permitted uses were increased to 40% with the Paycheck Protection Program Flexibility Act, which was signed into law on June 5.

https://www.forbes.com/sites/kylewestaw ... a9a7636b48



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