The United States Small Business Administration released data regarding loans that were made under the Paycheck Protection Program (PPP).
The list of businesses receiving much needed PPP funds includes many independent record labels. With the music industry suffering tremendous disruption to its business, the funds help ensure these independent labels can continue to operate.
Sub Pop Records, Third Man Records, All Rise Records, Del Records, and Knitting Factory Records each received a minimum of $350,000. Dreamville Records, Ball Hawg Records, ATO Records, Dim Mak, Cleopatra, and Rostrum received at least $150,000 each. Stones Throw Records received between $1 to $2 million.
The arts, entertainment, and recreation industry as a whole received 1.53% of the total amount of money loaned. Health Care and Social Assistance received the most at 12.92%.
Other parts of the music industry like record stores, venues, publishers, and vinyl pressing plants received funding as well.
The news comes as a coalition of over 600 artists signed an open letter to Congress requesting aid to help save independent music venues.
The National Association of Independent Venues (NIVA) has been campaigning Congress to provide necessary funding to ensure music venues across the nation can withstand the shutdown in business due to the COVID-19 pandemic.
NIVA recognizes that music venues will be among the last businesses to reopen once public health guidelines allow. The news can be seen as a victory for the time being, but it may not be until late 2021 when these businesses can reopen their doors again.