Independent Music Companies Actually Lent Millions In Federal PPP Loans

It is nice to see the government giving some money to culture, but it is a small amount compared to what is still needed.
Author:
Publish date:
Record Store

Federal Loan Data for the Paycheck Protection Program was released this week and it is taking a long time to pour over the millions of lines of companies who received loans ranging from $150,000 to $10 million. While most of the loans went to businesses of all types, religious institutions and other random people, some actually went to independent music companies. The program is designed to keep employees on payroll in the midst of the Coronavirus pandemic.

Sub Pop Records, Third Man Records, and Knitting Factory Records each received a minimum of $350,000 up to $1 million, as spotted by Pitchfork. J. Cole’s Dreamville Records, Light in the Attic, ATO Records, Dim Mak, Rostrum, Cleopatra, and Stones Throw Records each received at least $150,000 up to $350,000.

Some record stores received assistance like Chicago’s Reckless Records and Austin’s Waterloo Records. Amoeba Music, which is now moving locations, received between $1 and $2 million.

Some venues received money, but not enough, as evidenced by the recent letter sent by the NIVA to congress. However, Pioneer Works in Brooklyn received between $350,000 and $1 million.

Seatgeek, the ticketing company, received a loan of between $5 and 10 million, though they do have hundreds of employees.

Kanye West’s apparel company Yeezy LLC is the recipient of a loan for between $2 and $5 million, even though he has been recently named a billionaire.

Many bands and musicians took out loans as well. Tool, Nickelback, Imagine Dragons, Incubus, Slipknot, My Chemical Romance, Wilco, Weezer, Cheap Trick, Tim McGraw, The Chainsmokers, Bon Iver’s Justin Vernon, Disturbed, Gary Clark Jr., Papa Roach, Ryan Tedder and the Head and the Heart have received loans from the program as found by Rolling Stone

Others like Eagles, Pearl Jam, Guns N’ Roses, Wiz Khalifa, Lil Jon, Disturbed and Green Day also received loans. Many were because of cancelled tours and the loans ranged from the $150-$350,000 range to $350,000 to $1 million.

Other cultural institutions like the Whitney Museum got $5-10 million.

The document is absolutely massive, so it will take people a long time to go over. Also a lot of music companies are incorporated either under different holding entities or have slightly different LLC names, so they can be hard to find in a colossal spreadsheet like this. It is also so massive it takes my computer several minutes to do a search.

Related Content