Government Hands Black News Channel $700K

FTVLive told you that the struggling Black News Channel has recently gone through a number of layoffs and some believe more are expected.

The network’s low ratings are not bringing in the ad dollars that BNC had hoped for.

It appears that BNC was also one of those that stuck their hand out back in 2020 and got a big government check.

Records show that BNC received a Coronavirus-related PPP loan from the SBA of $700,000.00 in April 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in February 2021.

On the PPP application, Black News Channel, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $525,000

Rent: $175,000

Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application. In order to qualify for the PPP loan amount received, Black News Channel, LLC's 2019 payroll expenses are estimated to be at least $3.36M.

Based on their reported 75 jobs retained, this equals an estimated average yearly compensation of $44,800 per employee.

H/T FederlPay.org