UPDATE: Hollywood talent agencies, law firms and production companies were among the loan recipients Paycheque Protection Program, the massive program put in place by Congress to try to get businesses and their employees through the COVID-19 crisis.
Seven-figure loan recipients included talent agencies APA and Gersh, as well as law firms such as Glaser, Weil; Mitchell, Silberberg and Knupp; and Greenberg, Glusker. The accounting firm Green Hasson & Janks also received a loan.
A number of entertainment law firms were on the list, including Felker, Toczek, Suddleson, Abramson; Morris, Yorn, Barnes and Levine; Goodman, Genow, Schenkman, Smelkinson and Christopher; Lichter, Grossman, Nichols, Adler, Feldman and Clark; Schreck, Rose, Dapello, Adams, Berlin and Dunham; and Hirsch, Wallerstein, Hayum, Matlof, Fishman.
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The list, released on Monday by the Small Business Association, shows that a cross section of the entertainment industry has dipped into funds as the massive shutdown halted production, closed theaters and Broadway, and closed theme parks. Jim Gosnell, CEO of APA, said by email that the loan “was extremely useful and much appreciated.”
Other grantees include the SAG-AFTRA Foundation, the Motion Picture & Television Fund, the American Film Institute and Common Sense Media.
Among production companies, recipients included Cinedigm, Ridley Scott’s RSA Films, Jim Henson Co., Media Res Studio, New Regency Productions and World of Wonder.
Other loans went to Francis Ford Coppola Presents, his lifestyle brand, and Yeezy LLC, Kanye westclothing line.
The SBA’s PPP program was set up to provide loans to businesses, nonprofits, and other organizations with up to 500 employees. Companies can get their loans canceled if they keep the payroll of their employees under a set of conditions.
Talent agencies have been hit particularly hard during the pandemic, leading to widespread layoffs and pay cuts. APA announced last week a series of reductions and holidays, and Gersh salary reductions instituted in April. It was not immediately clear whether this will impact the cancellation of their loans, which typically last up to eight weeks. The PPP also sets a salary cap of $ 100,000.
While there was some controversy surrounding the program, big chains like Ruth’s Chris Steakhouse and others like the Los Angeles Lakers returned cash as the initial congressional allowance quickly ran out.
But the program has also helped companies maintain their payrolls, as lawmakers sought a way to quickly implement a relief program as the coronavirus crisis forced massive shutdowns during the nationwide lockdown.
The impact of COVID-19 has been devastating for the exhibition industry, as evidenced by the number of small theater chains, including Regency Theaters and Laemmle Theaters, which have received loans. The biggest chain, AMC Theaters, has warned it could go bankrupt. It is not eligible for the PPP program due to its size.
The Paycheck Protection Program has been put in place to provide $ 660 billion in loans since its launch in April.
The SBA did not disclose specific loan amounts, but categorized recipients based on the range of loans received. Here are the media and entertainment companies on the list:
$ 5-10 million
Francis Ford Coppola presents
Film and Television Fund
Gersh Agency
BDG Media (Bustle Digital Group)
New York Public Radio
Roundabout theater company
SeatGeek
Media Res Studio
Rock Paper Scissors LLC
Mitchell, Silberberg and Krupp
$ 2 to $ 5 million
Performing arts agency
Cinedigm
Circus dog productions
Cold weather productions
Common sense media
Digital domain 3.0
Digital media management
Glaser Weil
Hasson Janks Green
Greenberg Glusker
RSA Movies
Jim Henson Co.
American Film Institute
Solstice Studios
SIM group
Dan Klores Communications
Fubo TV
Jazz at Lincoln Center
New York Shakespeare Festival
Nature Photos
The Skimm
Whistle sports
Yeezy LLC
Hungry heart media
California Public Media Group
Roundabout entertainment
Peteski Productions (Dr Phil)
$ 1 to $ 2 million
Asylum entertainment
Big Picture Entertainment
Center theater group
Golin Theaters
Halon entertainment
Independent studio services
Corporation of Metropolitan Theaters
Miller Barondess
Motion Picture Licensing Corporation
Raines Feldman
Screen International Security Services
Vista Entertainment Solutions
World of Wonder production processing
Western costume
The importance of the media to America
Media Research Center
Atlantic Theater Co.
Excel sport management
Film at Lincoln Center
Lucky 8 TV
Langley Productions
Small Flower Productions
New Regency productions
Stage 29 Productions (Jay McGraw / Phil McGraw)
$ 350,000 to $ 1 million
REO Speedwagon
SAG-AFTRA
World of Wonder Post-production
World of Wonder Productions
Campbell-Plaza Theaters Inc.
Galaxy Theaters LLC
Laemmle Theaters LLC
Regency Theaters LLC
Ralph Edwards-Stu Billett Productions
Remote control productions
Scout productions
XG Productions
The daily caller
1 Iota Productions
495 Productions Holdings
Corday Productions
Seismic productions
Felker, Toczek, Suddleson, Abramson
Morris, Yorn, Barnes and Levine
Goodman, Genow, Schenkman, Smelkinson and Christopher
Lichter, Grossman, Nichols, Adler, Feldman and Clark
Schreck, Rose, Dapello, Adams, Berlin and Dunham
$ 150,000 – $ 350,000
Hirsch, Wallerstein, Hayum, Matlof, Fishman
