Dreamville Records, Rostrum, and other record labels received smaller PPP loans.
On Monday, the Small Business Association shared a list of businesses that received loans as part of the first round of the Paycheck Protection Program. Kanye West made headlines as his Yeezy clothing brand received an amount between $2 million and $5 million. The loan helped West save the jobs of 106 employees.
On Tuesday, Pitchfork posted a list of record labels that received loans as a part of the initiative. J. Cole‘s Dreamville Records, along with other labels like ATO Records, Dim Mak, Rostrum, and Cleopatra received at least $150,000. Sub Pop Records, Third Man Records, and Knitting Factory Records were awarded $350,000 or more each.
Concert venues like the Grammy Museum Foundation, as well as publishers, vinyl pressing plants, and record stores also received payments. In total, the “Arts, Entertainment, and Recreation” sector received just under $8 billion in loans. Currently, that number adds up to 1.53 percent of total loans.
Last month, a group of 150 Congressman sent letters to Senate and House leaders supporting the National Independent Venue Association. The group surveyed its 2,000 members across the country, and determined that 90 percent of members will have to close permanently without federal support.
“Live event venues were among the first to close as COVID-19 spread across the country,” the letter reads. “They are likely to be among the last to reopen. Concerts and live events may not be possible until a vaccine is readily available to the public, which could be months away.”
The group asked for six months’ worth of contribution, including payroll, benefits, rent/mortgage, utilities, taxes, and insurance.