Media companies that received federal PPP coronavirus loan money – WWD


After months of pressure, the US Treasury Department finally gave in and released the names of more than 650,000 businesses across the United States that received federal loans over $ 150,000 under the Check Protection Program. payroll, designed to encourage small businesses to keep their employees on the payroll. in the midst of the pandemic. The names of the companies released on Monday accounted for just 15% of the five million people who received loans, the majority under $ 150,000, with an average of around $ 100,000.

The PPP, run by the Small Business Administration, offers distressed businesses under 500 employees up to $ 10 million depending on size and, under PPP guidelines, will cancel loans if all employees are maintained. on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Applicants can base a company’s size on the average number of employees last year.

But this has proven controversial in some cases, as some larger or venture capital funded companies received loans while other struggling small businesses have not. In response to widespread criticism, companies such as Ruth’s Hospitality Group Inc., Shake Shack Inc. and Axios have returned theirs. The Treasury also urged state-owned enterprises that have access to other capital to return the money, but some have kept the loans, insisting they are eligible.

Here are some of the media companies listed as having received loans. The Treasury only provided price ranges, so the exact loan amount is only known if the recipient disclosed it.

PPP loan beneficiaries:

AM NY: $ 2 million to $ 5 million

Artforum: 350,000 to 1 million dollars

Apartment therapy: $ 1 million to $ 2 million

Atlas Obscura: $ 1 to $ 2 million

Berlin Rosen: $ 2-5 million

Breaking Media: $ 350,000 to $ 1 million

Bustle Digital Group: $ 7.5 million

CR Fashion Book: $ 150,000 to $ 350,000

Crossmedia: $ 2 to $ 5 million

Derris: $ 1 to $ 2 million

Digiday Media: $ 1 to $ 2 million

EntTech Media: $ 350,000 to $ 1 million

Entrepreneur Media: $ 1 to $ 2 million

Essence Media: $ 2.4 million

Forbes Media: $ 5-10 million

Fortune Media: $ 3.2 million

Full Image: $ 350,000 to $ 1 million

Future Media: $ 1 to $ 2 million

Great Bowery: $ 2-5 million

Its campus: $ 350,000 to $ 1 million

Hypebeast: $ 1 to $ 2 million

Jukin Media: $ 2.2 million

Karla Otto: $ 1 to $ 2 million

KCD: $ 1 to $ 2 million

Male repellent: $ 150,000 to $ 350,000

Maven Inc: $ 5.7 million

New York Public Radio: $ 5 million to $ 10 million

Newsday: $ 5 million to $ 10 million

Newsweek Magazine: $ 350,000 to $ 1 million

Ozy Media: $ 2 to $ 5 million

Public relations consulting: $ 350,000 – $ 1 million

Rubenstein Public Relations: $ 350,000 to $ 1 million

Shadow Public Relations: $ 350,000 to $ 1 million

Texas Tribune: $ 1.16 million

The Advertising Council: $ 2 million to $ 5 million

The fashion business: $ 150,000 to $ 350,000

The Coveteur: $ 350,000 to $ 1 million

The Fader: $ 350,000 to $ 1 million

The Paley Center for Media: $ 1 to $ 2 million

The Seattle Times: $ 9.9 million

The Skimm: 2 to 5 million dollars

Time out: $ 1 million to $ 2 million

Magazine V: $ 150,000 to $ 350,000

Washingtonian: $ 350,000 to $ 1 million

Washington Times: $ 1 to $ 2 million

42 West: $ 350,000 to $ 1 million

For more information, see:

Sports Illustrated Maven publisher receives $ 5.7 million federal loan

Bustle Digital Group Receives Federal Coronavirus Loan

Axios Returns Federal Small Business Loan After Criticism


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