Due to the impact of the coronavirus pandemic, the U.S. Small Business Administration and the Treasury enacted the Paycheck Protection Program (PPP) earlier this year to distribute loans to help businesses pay their staff. According to a new report that details which entities received loans, companies owned by Slipknot, Tool, Nickelback and other rock and metal bands benefited from the stimulus program.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” Secretary Steven T. Mnuchin explained in the report.
A total of $660 billion was given in loans to 600,000 companies, some of which were owned by bands. All businesses listed in the report received a minimum of $150,000 in loans to support their employees, and the majority of the bands mentioned were in the $150,000 to $350,000 bracket.
Our friends at MetalSucks compiled a report of which band-owned companies were included — Slipknot, Tool, Nickelback, Papa Roach, Sevendust, Skillet, Switchfoot, Green Day, Pearl Jam, Weezer, Slightly Stoopid, Sammy Hagar, Tesla and Imagine Dragons. Disturbed Touring Inc. were also listed, but it is not confirmed whether the business is owned by the band or not.
Recipients of Paycheck Protection Program loans are eligible for forgiveness as long as the business uses the money to pay their employees the same they were prior to the pandemic.
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