What the US paid to bale out 3 classical agencies
mainWe have received details of the Paycheck Protection Program loans made out by the US Government to IMG Artists, Opus 3, and Columbia, the three largest classical artists agencies in the country.
The forms we have seen says each of them received a loan in the range of $350,000 to $1 million.
The loans cover a maximum of 8 weeks, which is why all three agencies are now laying off members of staff.
IMG’s owners
Is there a database where we can see who got the loan and how much?
https://www.nytimes.com/2020/07/06/us/ppp-small-business-loans.html
“Bail,” I think.
Though these three agencies may well be making hay while the sun shines 🙂
These agencies are vastly reliant on commission income on performance fees, and we’ve had almost no live performances globally in three months. Essentially no revenue for a quarter of a year with no improvement on the horizon is hardly a sunny day. Real people are employed by these agencies, and the PPP loans preserved their jobs.
So what. Many companies, orchestras and other companies received this. Pop agencies such as WME laid off hundreds or workers. As did airlines, auto companies, etc. why is this of interest.
The Treasury Dept’s press release mentions 4.9 PPP loans made through the end of June. I guess these particular loans are worth mentioning because they’re artist management firms….
The $350K-$1M range is the second-lowest category, by the way. It’s not as if they are raking in the big bucks, relatively speaking.
https://home.treasury.gov/news/press-releases/sm1052
Not the lowest category.
I received a $22K PPP loan for my small business and have used it wisely.
And I plan to repay it or apply for forgiveness should my business qualify.
^ sorry, should have said “4.9 million PPP loans.”
Bale of hay or bale of cotton? I’d like to see how you are going to bail yourself out of this one.
Saved from a baleful situation, but…hay, they cottoned on! Now a crop of all their singers should give a rending of “Bailero” (Chants d’Auvergne)…sorry, too corny!