Kanye West’s Yeezy clothes model, the Motion Picture and Television Fund, the Gersh Agency and the American Film Institue are a number of the firms that have been accredited for multimillion-dollar federal loans via the Paycheck Protection Program, in line with data launched by the Small Business Administration on Monday.
Though it’s not instantly clear the precise quantity every firm was accredited for, MPTF and the Gersh Agency are listed as getting approval for a mortgage within the $5-10 million vary to assist save 472 and 250 jobs, respectively. AFI is listed as being accredited for a mortgage within the $2-5 million vary to assist save 307 jobs, whereas Yeezy LLC was accredited for a mortgage in the identical vary to assist retain 106 jobs.
Other recipients embrace Bustle Digital Group and New York Public Radio for loans within the $5-10 million vary to assist retain 450 and 467 jobs, respectively; and Agency for the Performing Arts, Jazz at Lincoln Center and Cinedigm for loans within the $2-5 million vary to assist save 100, 358 and 122 jobs, respectively.
The PPP loans, which have been created to assist small companies which have been impacted by the COVID-19 pandemic, are for companies with 500 staff or fewer to assist cowl payroll prices. The funding comes from collaborating banks and lending establishments, that are assured by the SBA. The knowledge launched by the SBA solely signifies firms that have been accredited by their respective lending establishments however don’t essentially imply that the SBA has reviewed the mortgage and decided that the borrower “complied with program rules or is eligible to receive a PPP loan and loan forgiveness,” in line with a disclaimer launched alongside the data.
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