In uncertain times, businesses have to suffer. They have to fight hard to keep themselves afloat, while simultaneously helping their employees. The pandemic has made their lives more tough. Under pressure, many have applied for loans, too keep their operations intact. In U.S. several companies did the same and on Monday, the US Small Business Administration released a list of those companies, whose loans have been sanctioned.
Among these companies, were the brands of artists such as Kanye West and Francis Ford Coppola. The government’s program is known as the Paycheck Protection Program. Kanye West’s clothing brand, Yeezy got a loan worth between $2 million and $5 million. As per the SBA, the loan will help the company in saving around 160 jobs.
To fight the devastating impact of the pandemic and to counter the slow down in economy, the government launched the PPP. Its main aim was to help non-profit organizations and companies having less than 500 workers from the impact of the pandemic.
In the list released by the government, it gave a detailed account of those who applied for and those who received the loan.
Hollywood which have suffered the most because of the pandemic induced shutdown, had several companies who applied for loan. Among them were, The Jim Henson Company and The Apatow Company. While, Jim Henson is known for creating ‘The Muppets’, Apatow Company belongs to director Judd Apatow.
An aid of around $160,000 was given to Apatow who promptly paid it back as per his spokeswoman. On the other hand, the Henson company received $2 million. The company’s spokeswoman Nicole Goldman said that it helped the company, to keep its 75 employees.
Director Coppola’s ‘Francis Ford Coppola Presents’, also received a loan. His company, a lifestyle brand markets films, wine and other products.