The Tampa Bay Times and its related companies received a loan of $8.5 million under the federal government's program to support businesses harmed by the coronavirus pandemic.

The loan is guaranteed by the Small Business Administration and comes under the $2.2 trillion Coronavirus Aid, Relief and Economic Security Act passed by Congress last month and signed by President Donald Trump.

The program is designed to help smaller businesses keep paying employees during the crisis, and loan amounts are based on a company's payroll. For the first eight weeks after a loan is made, the government will forgive repayment of expenses for payroll, plus some rent, utilities and mortgage interest.

The crisis hit local businesses hard, and advertising revenues at the Times have fallen by 50 percent. In response, the company reduced newspaper printing and delivery to Wednesday and Sunday and furloughed dozens of employees, mostly in production, delivery and sales.

Even so, the company has said, the expenses saved by those changes will cover only half of the sharp decline in advertising revenue.