After months of pressure, the U.S. Treasury Department finally caved and published the names of more than 650,000 companies across the U.S. that received federal loans greater than $150,000 through the Paycheck Protection Program, aimed as an incentive for small businesses to keep their workers on the payroll amid the pandemic. The names of the businesses released Monday made up just 15 percent of the five million that received loans as the majority were under $150,000, with the average about $100,000.
The PPP, run by the Small Business Administration, offers struggling businesses with less than 500 employees up to $10 million based on size and under the PPP guidelines will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. Applicants can base the size of a company on the number of employees it averaged last year.
But in has proven controversial as some larger or venture-backed companies received loans when other struggling small businesses did not. In response to widespread criticism, some companies including Ruth’s Hospitality Group Inc., Shake Shack Inc. and Axios returned theirs. The Treasury also urged public companies that have access to other capital to return the money, but many kept the loans, insisting that they are eligible.
Here are some of the media companies that are listed as having received loans. The Treasury only provided price ranges so the exact amount of the loans is only known if the recipient disclosed it.
PPP loan recipients:
AM N.Y.: $2 million to $5 million
Artforum: $350,000 to $1 million
Apartment Therapy: $1 million to $2 million
Atlas Obscura: $1 million to $2 million
Berlin Rosen: $2 million to $5 million
Breaking Media: $350,000 to $1 million
Bustle Digital Group: $7.5 million
Crossmedia: $2 million to $5 million
Derris: $1 million to $2 million
Digiday Media: $1 million to $2 million
EntTech Media: $350,000 to $1 million
Entrepreneur Media: $1 million to $2 million
Essence Media: $2.4 million
Forbes Media: $5 million to $10 million
Fortune Media: $3.2 million
Future Media: $1 million to $2 million
Great Bowery: $2 million to $5 million
Her Campus: $350,000 to $1 million
Hypebeast: $1 million to $2 million
Jukin Media: $2.2 million
Karla Otto: $1 million to $2 million
KCD: $1 million to $2 million
Man Repeller: $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 million to $5 million
PR Consulting: $350,000 – $1 million
Texas Tribune: $1.16 million
The Advertising Council: $2 million to $5 million
The Business of Fashion: $150,000 to $350,000
The Coveteur: $350,000 to $1 million
The Paley Center for Media: $1 million to $2 million
The Seattle Times: $9.9 million
The Skimm: $2 million to $5 million
Time Out: $1 million to $2 million
V Magazine: $150,000 to $350,000
Washingtonian: $350,000 to $1 million
Washington Times: $1 million to $2 million
42 West: $350,000 to $1 million
For more, see:
Sports Illustrated Publisher Maven Receives $5.7M Federal Loan
Bustle Digital Group Receives Federal Coronavirus Loan
Axios Hands Back Federal Small Business Loan After Criticism
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July 07, 2020 at 06:52AM
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Media Companies That Received Money Federal PPP Coronavirus Loans - WWD
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