To help offset some of the negative effects the pandemic has had on U.S. businesses, the federal government introduced the Paycheck Protection Program (PPP), a loan program to help keep employees on the payroll. Yesterday the Small Business Administration shared a listing companies that took out loans between 150,000 and 10 million dollars under the program, and it turns out that independent record companies received millions of dollars.
As Fork notes, J. Cole’s Dreamville Records, ATO Records, Dim Mak, Rostrum and Cleopatra each received at least $ 150,000. Meanwhile, Sub Pop Records, Third Man Records, and Knitting Factory Records each raised $ 350,000 or more, and Stones Throw Records received between $ 1 and $ 2 million. that of Kanye West Yeezy also received between $ 2 million and $ 5 million, which saved 106 jobs.
Music-related entities such as concert halls, the Grammy Museum Foundation, music publishers, vinyl pressing factories and record stores have also received PPP loans. Overall, the Arts, Entertainment and Recreation sector received a hair’s breadth of less than $ 8 billion out of 118,332 loans, representing 1.53% of the money loaned to date (as of June 30) .
This aid comes at a time when the music industry could really use it. Concerts and festivals were closed left and right, and many concert halls believe they will not survive the pandemic.