Cash was used to help and retain artist groups and staff from the existing crisis.
The Eagles, Pearl Jam, Guns N’Roses and Green Day are among the teams that obtained PPP loans from the federal coronavirus crisis paycheck coverage program.
As Rolling Stone reports, the knowledge of the Department of Small Business administration and Treasury verifies that the cash will be used to help and retain artist groups and staff from the existing crisis.
The Eagles loan has been indexed under its traveling corporation and will save 50 jobs.
Larger loans, between $350,000 and $1 million, were won through Eagles, Pearl Jam and Disturbed.
Of the 660,000 beneficiaries, more than 40 musicians and bands are estimated to have won loans of more than $150,000, Weezer, Jason Isbell, Imagine Dragons, Chainsmokers and Nickelback.
The Eagles (Getty)
Kanye West also earned between $2 million and $5 million for its Yeezy fashion line to 160 jobs.
The main points of aid obtained through American artists come days after it was shown that the UK government will fund the UK’s art, culture and heritage industries with 1.57 billion pounds to help them “overcome the effect of the coronavirus.”
The program, which was announced last week (July 5), will provide grants and emergency loans to concert halls, independent cinemas, museums, galleries, theaters and heritage sites.
Cash represents the largest one-time investment in British culture and follows other measures taken to help businesses, establishments and organisations to the pandemic, adding loans, holidays at commercial fees and the coronavirus task retention program. According to a press release, in addition to helping Array companies “help help employment by adding self-employed workers working in those sectors.”