By Kathryn Hopkins
with contributions from Kali Hays
 on July 6, 2020
United States Secretary of the Treasury Steven T. Mnuchin, who led the PPP program and its disbursement.

After months of pressure, the U.S. Treasury Department finally caved and published the names of more than 650,000 companies across the U.S. that received federal loans greater than $150,000 through the Paycheck Protection Program, aimed as an incentive for small businesses to keep their workers on the payroll amid the pandemic. The names of the businesses released Monday made up just 15 percent of the five million that received loans as the majority were under $150,000, with the average about $100,000.

The PPP, run by the Small Business Administration, offers struggling businesses with less than 500 employees up to $10 million based on size and under the PPP guidelines will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. Applicants can base the size of a company on the number of employees it averaged last year.

But in has proven controversial in some instances as some larger or venture-backed companies received loans when other struggling small businesses did not. In response to widespread criticism, companies including Ruth’s Hospitality Group Inc., Shake Shack Inc. and Axios returned theirs. The Treasury also urged public companies that have access to other capital to return the money, but some kept the loans, insisting that they are eligible.

Here are some of the media companies that are listed as having received loans. The Treasury only provided price ranges so the exact amount of the loans is only known if the recipient disclosed it.

PPP loan recipients:

AM N.Y.: $2 million to $5 million

Artforum: $350,000 to $1 million

Apartment Therapy: $1 million to $2 million

Atlas Obscura: $1 million to $2 million

Berlin Rosen: $2 million to $5 million

Breaking Media: $350,000 to $1 million

Bustle Digital Group: $7.5 million

CR Fashion Book: $150,000 to $350,000

Crossmedia: $2 million to $5 million

Derris: $1 million to $2 million

Digiday Media: $1 million to $2 million

EntTech Media: $350,000 to $1 million

Entrepreneur Media: $1 million to $2 million

Essence Media: $2.4 million

Forbes Media: $5 million to $10 million

Fortune Media: $3.2 million

Full Picture: $350,000 to $1 million

Future Media: $1 million to $2 million

Great Bowery: $2 million to $5 million

Her Campus: $350,000 to $1 million

Hypebeast: $1 million to $2 million

Jukin Media: $2.2 million

Karla Otto: $1 million to $2 million

KCD: $1 million to $2 million

Man Repeller: $150,000 to $350,000

Maven Inc: $5.7 million

New York Public Radio: $5 million to $10 million

Newsday: $5 million to $10 million

Newsweek Magazine: $350,000 to $1 million

Ozy Media: $2 million to $5 million

PR Consulting: $350,000 – $1 million

Rubenstein Pubic Relations: $350,000 to $1 million

Shadow Public Relations: $350,000 to $1 million

Texas Tribune: $1.16 million

The Advertising Council: $2 million to $5 million

The Business of Fashion: $150,000 to $350,000

The Coveteur: $350,000 to $1 million

The Fader: $350,000 to $1 million

The Paley Center for Media: $1 million to $2 million

The Seattle Times: $9.9 million

The Skimm: $2 million to $5 million

Time Out: $1 million to $2 million

V Magazine: $150,000 to $350,000

Washingtonian: $350,000 to $1 million

Washington Times: $1 million to $2 million

42 West: $350,000 to $1 million


For more, see:

Sports Illustrated Publisher Maven Receives $5.7M Federal Loan

Bustle Digital Group Receives Federal Coronavirus Loan

Axios Hands Back Federal Small Business Loan After Criticism

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