METALLICA Fan Club, Ibanez, Victory Records and More All Received PPP Loans During COVID-19
The U.S. government’s paycheck protection program has disbursed $ 660 billion to more than 4.9 million small businesses. The loans would be canceled as long as their beneficiaries used at least 75% to pay employees at pre-pandemic levels. Loans have been broken down into tranches ranging from $ 150,000 to $ 350,000 to $ 5-10 million.
MetalSucks dug the extensive data available from the government on where the money went and found a number of entities related to metals. These entities ranged from instrument makers like Paul Reed Smith, Ibanez and Music Man, to record companies like Metal Blade, Sumerian and Victory.
Here’s a look at some of the companies they’ve spotted.
Companies with loans between 5 and 10 million dollars:
- American Musical Supply, Inc .; 474 employees
- Sam Ash Music Society; 500 employees
- Brooklyn Academy of Music; 466 employees
Between $ 2 million and $ 5 million:
- Paul Reed Smith Guitars; 373 employees
Between $ 1 million and $ 2 million:
- Moog Musique Inc .: 157 employees
- Peavey Electronics Corporation; 81 employees
- Hoshino USA Inc. (Ibanez); no number of employees listed
- Korg USA Inc: 84 employees
Between $ 350,000 and $ 1 million:
- Metallica Club, Inc. (apparently Metallica’s fan club business? Company owners include James Hetfield, Kirk Hammett, and Lars Ulrich); 20 employees
- Q Prime, Inc. (Managers of groups like Metallica, Baroness, Disturbed, Volbeat, Muse); 36 employees
- Equal Vision Records, Inc .; 80 employees
- Sub-pop recordings; 60 employees
- Third Man Records, LLC: 30 employees
- Kiesel guitars; 49 employees
- Schecter Guitar Research Inc .; 51 employees
- Mesa / Boogie, Limited: 75 employees
- EMG Inc; 58 employees
- DiMarzio Inc .; 60 employees
Between $ 150,000 and $ 350,000:
- Sumerian Records, LLC; 19 employees
- Metal Blade Records, Inc .; 15 employees
- Victory Records, Inc .; 24 employees
- Cleopatra Records Inc .; 15 employees
- Hopeless Records, Inc .; 13 employees
- Kings Road Merchandising, Inc .; 33 employees
- Amoeba Music, Inc .; 26 employees
- House of Blues Music Forward Foundation; 16 employees
See the full list at Metal Sucks.
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