There’s no readily available list of which companies have been approved for a small business government stimulus loan to help them through the coronavirus crisis, but public filings and company disclosures are starting to fill in some of the blanks.
To date, only a handful of media companies have disclosed that they received a loan from the Small Business Administration’s $349 billion Payment Protection Program despite widespread struggles in the industry due to a COVID-19-related slump in advertising revenues.
The latest is Bustle Digital Group, which as first reported by CNN and confirmed by a BDG representative, was approved for a $7.5 million loan on April 16. This came two weeks after BDG, which publishes Bustle, Nylon and Mic, implemented a series of cost-cutting measures, including laying off two dozen staffers, introducing a temporary tiered pay reduction and shuttering Millennial-focused site The Outline.
A BDG spokeswoman said the loan will enable the company “to partially undo salary reductions across the company and expand hours for part-time and freelance writers.”
BDG joins political news site Axios, The Tampa Bay Times and The Seattle Times Co., which have said they received funds from the PPP, aimed as an incentive for small businesses to keep their workers on the payroll. Businesses can borrow
To date, only a handful of media companies have disclosed that they received a loan from the Small Business Administration’s $349 billion Payment Protection Program despite widespread struggles in the industry due to a COVID-19-related slump in advertising revenues.
The latest is Bustle Digital Group, which as first reported by CNN and confirmed by a BDG representative, was approved for a $7.5 million loan on April 16. This came two weeks after BDG, which publishes Bustle, Nylon and Mic, implemented a series of cost-cutting measures, including laying off two dozen staffers, introducing a temporary tiered pay reduction and shuttering Millennial-focused site The Outline.
A BDG spokeswoman said the loan will enable the company “to partially undo salary reductions across the company and expand hours for part-time and freelance writers.”
BDG joins political news site Axios, The Tampa Bay Times and The Seattle Times Co., which have said they received funds from the PPP, aimed as an incentive for small businesses to keep their workers on the payroll. Businesses can borrow
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