Several prominent independent record labels such as Sub Pop, Third Man, Equal Vision and Stones Throw have received loans from the Small Business Associations Payment Protection Program (PPP). These businesses were revealed on a list created by the Small Business Association, which shows companies that borrowed between $150,000 and $10 million as part of this program.
The PPP was launched during the pandemic to cover eight weeks of payroll for up to $10 million, by providing loans to employers who did not have more than 500 employees and who did not reduce more than $25 percent of their workforce during the pandemic.
According to this list, Sub Pop Records, Third Man Records and Knitting Factory Records each received a minimum of $350,000, while J. Cole’s Dreamville Records, ATO Records, Dim Mak, Rostrum, Cleopatra and Stones Throw Records received at least $150,000. Other labels also received loans, although their finances have not been disclosed as of press time. These labels include Equal Vision, New West, Christian hip-hop label Reach Records, Sumerian and Metal Blade.
Labels aren’t the only ones who have received assistance from these funds, the Grammy Museum Foundation, the music publisher and label ABKCO and Cleveland’s Gotta Groove Records vinyl pressing plant have also received PPP funds. Some record stores such as Waterloo Records in Austin, Texas and Reckless Records in Chicago, Illinois have both received funding as well.
One of the more notorious cases of PPP funds going toward a business includes Yeezy, the clothing company run by hip hop icon Kanye West. The brand, which is valued at over a billion dollars, received between $2 million and $5 million in PPP loans.
Photo Credit: Mauricio Alvarado