Kanye West’s company, STX, New Regency received millions in pandemic loans
Kanye West’s Yeezy, STX Entertainment, New Regency and Laemmle Theatres are among the companies that received loans from the Paycheck Protection Program, according to data released by the Small Business Administration on Monday.
STX received $2-5 million on April 9, shortly before it announced it would merge with India’s Eros International. The company indicated that it used the funds to retain 100 jobs.
Kanye West’s company, Yeezy LLC, also reported receiving $2-5 million, and retaining 106 jobs.
New Regency was approved on April 6 for a loan between $1-2 million, and retained 50 jobs.
Village Roadshow also reported receiving $350,000 to $1 million, and retaining 26 jobs.
The Upright Citizens Brigade reported two separate loans of $350,000 to $1 million each, one in New York and one Los Angeles, retaining 160 jobs in total.
The Gersh Agency reported receiving $5-10 million, and retaining 250 jobs. Agency for the Performing Arts got $2-5 million on April 3, retaining 100 jobs. Sports agent Scott Boras received $1-2 million.
Several movie theater companies, which have been closed due to the virus, also reported receiving the loans. Laemmle Theatres received $350,000 to $1 million, retaining 75 jobs, according to the data. Chinese Theatre Holdings, associated with the TCL Chinese Theatre, also received $350,000 to $1 million.
Several smaller TV and film production companies received the money as well. Asylum Entertainment received $1-2 million, and used the funds to retain 82 jobs, according to the data. Bron Studios also received $1-2 million on April 8.
Keshet Studios also received $350,000 to $1 million, retaining 13 jobs, according to the data.
The PPP loans are intended for small businesses, typically those with fewer than 500 employees. Varietyreported in May that Avid Technology, the maker of the industry leading editing software, received a $7.8 million PPP loan, though it had 1400 employees and a market cap of $250 million.
Dolphin Entertainment, the parent company of 42West and other PR firms, also disclosed that it had received $2.1 million in PPP loans.