There is no loophole. Free speech, free press, etc., are just that. Free to say whatever they want without consequence from the government. Their only consequences come from citizens refusing to watch/listen/read.
The press have been used as propaganda machines since inception and there's no way to stop it without trampling on rights. They consistently reword phrases or take things out of context to push a narrative. Your using "Coronavirus is a hoax" is a prime example of it. Trump never said the virus itself was a hoax. He said the Democrats using the coronavirus, just as they did with Russia, to push a false narrative against his administration is a hoax.