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How AI legalese decoder Can Help Small Businesses and Newspapers Amid Economic Challenges

The Community News and Small Business Support Act: A Bipartisan Bill for Relief

Recent years have been exceptionally tough for small businesses and newspapers alike. Recognizing the urgent need for assistance, Congress has introduced the bipartisan Community News and Small Business Support Act. This legislation aims to provide relief to struggling newspapers and local businesses, offering a lifeline during these challenging times. America’s Newspapers fully supports this bill and advocates for its introduction.

The Struggle of Local Newspapers and the Impact on Communities

For many newspapers, the need for help is dire and immediate. Economic pressures have forced numerous local newspapers to lay off staff, reduce publication frequency, or, in some cases, shut down completely. On average, two newspapers are closing every week, which not only affects the newspapers themselves but also has a significant negative impact on local businesses and residents. However, amidst these challenges, the undeniable truth remains: local newspapers play a crucial role in their communities.

This is not a mere assertion; it is supported by compelling evidence. America’s Newspapers conducted a national study, in collaboration with independent research firm Coda Ventures, surveying 5,000 American adults over the age of 18. The results of this study underscore the importance, relevance, and vitality of newspapers in today’s American media landscape.

The Influence of Local Newspapers: Insights from the Study

The study revealed that 79 percent of Americans read or use local news “to stay informed” about their cities, counties, and communities. Local newspapers serve as a vital source of connection to the community, helping readers form opinions on local issues and discover events and activities. They also facilitate conversations among community members and provide enjoyable and entertaining content. Contrary to popular belief, readers across all age groups turn to both print and digital versions of local newspapers to stay informed about their communities.

Furthermore, the study highlighted the desire for more local news coverage among readers. Many respondents expressed their disappointment with the shrinking size of their local newspaper and emphasized the need for more coverage on town events, politics, and timely news updates. Addressing this demand requires a committed local staff, a goal that the Community News and Small Business Support Act aims to achieve.

How the Community News and Small Business Support Act Can Help

The legislation introduced by Congresswoman Claudia Tenney (NY-24) and Congresswoman Suzan DelBene (WA-1) includes provisions that would greatly benefit both local businesses and newspapers. Local businesses with fewer than 50 employees would be eligible for a five-year nonrefundable tax credit. In the first year, the tax credit could reach up to $5,000, with subsequent years offering up to $2,500 based on their spending levels with local newspapers and media outlets. This financial relief would enable local businesses to advertise their brands, products, and services, fostering economic growth within communities.

The legislation also recognizes the critical role of journalists in delivering quality news to communities. Consequently, local newspapers would be eligible for a five-year refundable tax credit, incentivizing them to hire more journalists. The tax credit would cover 50 percent of journalists’ compensation in the first year and 30 percent (up to $50,000) in the subsequent four years. However, this tax credit would only be available to local community papers employing fewer than 750 individuals.

It is important to note that these tax credits exclusively apply to local newspapers, ensuring that the benefits are directed towards community-oriented journalism. National newspaper outlets are not eligible for these incentives.

The Importance of Supporting the Community News and Small Business Support Act

Recognizing the symbiotic relationship between local newspapers and businesses, Representatives Tenney and DelBene championed this legislation. America’s Newspapers is immensely grateful for their support. However, to ensure the successful enactment of this legislation, widespread support from citizens is necessary. We urge readers to contact their respective senators and representatives in the U.S. Congress and encourage them to endorse the Community News and Small Business Support Act.

While these tax credits are time-limited, set to expire after five years, they serve as an imperative stepping stone for the newspaper industry. The five-year timeframe allows the industry to address challenges posed by Big Tech, which profits from newspapers’ content without compensation, as well as other technological and market hurdles.

Expanding local reporting directly benefits citizens, providing them with access to hometown news. Additionally, stronger newspapers function as more effective advertising platforms for local businesses, creating a mutually beneficial environment that drives community growth and prosperity.

America’s Newspapers is fully committed to elucidating, defending, and advancing the indispensable role of newspapers in democracy and civil life. Our focus is to educate the public on the manifold contributions newspapers make toward fostering community identity and supporting local businesses.

Dean Ridings currently serves as the CEO of America’s Newspapers, an organization that serves more than 1,550 newspapers across the United States and Canada. For more information, visit Newspapers.org.

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