On July 6, the Small Business Administration published a list of all businesses that have borrowed between $ 150,000 and $ 10 million under the federal program Paycheck Protection Program Loan Program to help keep employees on the payroll amid the pandemic. The list includes several companies in the music industry, including several major and independent record labels.
Sub Pop Records, Third Man Records and Knitting Factory Records each received a minimum of $ 350,000. 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. Other labels that have received loans include punk and hardcore label Equal Vision, Americana New West label, Christian hip-hop label Reach Records, and metal labels Sumerian and Metal Blade.
Other sectors of the music industry have also received PPP loans, including numerous concert halls, the Grammy Museum Foundation, the music publisher and label ABKCO, and vinyl pressing factories like Cleveland’s Gotta Groove Records. . Help was also given to record stores, including Chicago’s Reckless Records and Austin’s Waterloo Records. Kanye West’s clothing company Yeezy LLC is the recipient a loan of 2 to 5 million dollars.
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CORRECTION: An earlier version of this story stated that Stones Throw Records received a loan of between $ 1 and $ 2 million. A Stones Throw employee tells Pitchfork that the label received around $ 150,000.