Eagles and Green Day among major artists receiving PPP loans
With concert tours almost completely closed during the COVID-19 pandemic underway since March, some of music’s biggest acts – including the Eagles, Pearl Jam, Guns N ‘Roses and Green day – have received federal funding to support their crews for any current and future postponed tours, according to data released Monday by the Small Business Administration and the Treasury Department. The financial support is part of the government’s recently enacted $ 2 trillion CARES law aimed at providing relief to small businesses affected by the coronavirus.
The Eagles, Pearl Jam and Disturbed have taken out some of the largest loans among the touring musicians listed, ranging between $ 350,000 and $ 1 million, and many other artists have received between $ 150,000 and $ 350,000. Rolling stone identified more than 50 musicians and groups of all genres among the 660,000 beneficiaries who secured a loan of more than $ 150,000, according to the data, joined by small businesses such as restaurants and bars as well as construction companies and plumbing.
Tool, Nickelback, Imagine Dragons, Incubus, Slipknot, My Chemical Romance, Wilco, Weezer, Cheap Trick, Tim McGraw, Chainsmokers, Justin Vernon from Bon Iver, Disturbed, Gary Clark Jr., Papa Roach, Ryan Tedder and the Head and the heart have all received similar loans of varying amounts. Rappers Wiz Khalifa, French Montana and Lil Jon have also received loans alongside country and American stars Rascal Flatts, Chris Stapleton, Luke Combs, Kip Moore and Jason Isbell.
“Like most tours that have been going on this year, the My Chemical Romance world tour has been canceled,” the group said. Rolling stone. “MCR has been given PPP money to make sure their crew is funded in these uncertain times until we can get back on the road. We are very grateful to these skilled and dedicated people – some of them are parents, some are caretakers, some who only have rent to pay – and this money helps them take care of their lives. ‘themselves and their families.
Monday, UK announced a $ 2 billion bailout for arts-related companies like concert halls, but relief for live music has been mixed in the United States Since April, the National Independent Venue Association has pushed lawmakers to further help venues, which have been shut down completely due to social distancing measures with few alternative means of income. NIVA, founded in April, started with around 800 participating sites and now has almost 2,000 sites as members. In May, NIVA said 90% of its sites could not operate for more than six months without additional government assistance. “You will see, in public, a lot more shutdowns happening,” NIVA Vice President Justin Kantor previously said. Rolling stone. “Right now there are three or four sites a week that I hear about across the country that advertise it publicly. But a lot of [others] are probably in just as bad shape – they just haven’t officially received the boot from their owner.
The loans are specifically given to touring artists ‘companies, with the Eagles’ loan, for example, helping to keep 50 jobs, the data shows. Earlier in the pandemic, big companies like the Shake Shack burger chain small business loan repayment after criticism. The Los Angeles Lakers, one of the world’s most valuable sports franchises, also got a loan but returned it.
The CARES law was passed in April after the start of the coronavirus pandemic in the United States. Along with business loans, the legislation also introduced stimulus checks of $ 1,200 to eligible beneficiaries. Officials released the data amid mounting media pressure, who has already sued the SBA to find out who got the loans. Officials announced last month that the SBA would release the data.
Other music-related companies have also obtained loans; Kanye West’s clothing company Yeezy has been loaned between $ 2-5 million, as has high-end guitar maker PRS. West’s clothing line, most affiliated with its highly sought after Yeezy shoes, recently struck a deal with Gap to bring a more affordable Yeezy line to the retailer, and earlier this year Forbes reported that West was officially a billionaire.