Tutorial business

SoHo House, Whitney Museum among luxury PPP loan recipients

Fashion boutiques and upscale hotels were among the hundreds of thousands of businesses receiving money from the Trump administration’s much-publicized $ 660 billion pandemic aid program.

Among the recipients on the list released by the Trump administration on Monday was Kanye West Clothing brand Yeezy, which received up to $ 5 million from the PPP, according to the SBA.

Yeezy, which is described as a “black” business on the form, saved 106 jobs with the loan that was approved on April 13.

Gay dating app Grindr also received $ 1 million to $ 2 million in loans, according to the Treasury. The company, which was recently sold by Kunlun Tech from Beijing to an investor group called San Vicente Acquisition, said the funds had helped it avoid 69 layoffs.

A list of local businesses that have received millions of government bailout money, meanwhile, reads like a fancy textbook for living in New York City.

In addition to affluent cultural institutions like the Whitney Museum of American Art and the Brooklyn Academy of Music, high-end fashion brands like rag & bone and Alice + Olivia. Hipster temple SoHo House has received up to $ 4 million for its three locations in the Meatpacking District, Dumbo and East Village.

Trendy lunch spot Chop’t received at least $ 5 million and coffee chain Gregory’s received at least $ 2 million, while Danny Meyer’s Union Square Cafe received $ 1-2 million. .

Other recipients of PPP loans were expensive retailer ABC Home and Carpet, Alexander Wang, and lingerie company Hanky ​​Panky, who received $ 2-5 million each.

And the struggling Hamptonites weren’t ignored either. The Hampton Jitney and celebrity hotspot Gurney’s (where Goldman Sachs CEO David Solomon DJed in the ocean air of Montauk) both received between $ 2 million and $ 5 million.

Kanye West’s Brand Yeezy Received Up To $ 5 Million From Loan ProgramMovieMagic

Other big names in business were also on the list, including powerful Silicon Valley venture capitalist Andreessen Horowitz, which was awarded up to $ 1 million to save 24 jobs.

The Burning Man’s Day has received up to $ 5 million from the government to save an unknown number of jobs, while Bird scooters has been listed as having received between $ 5 and $ 10 million to save 341 jobs.

The founder of the scooter company, however, took to Twitter to say he had never received any funds.

“Bird spoke with Citi early on, but decided not to apply for a P3 because the money was more deserved by small local businesses,” wrote Travis VanderZanden. “Citi will confirm that to you. I don’t know how we made the PPP list, but we are investigating.

John Arensmeyer, CEO of Small Business Majority, welcomed the release of the data, but said it was still “a long way from an accurate picture of the program.”

“Serious questions remain as to whether PPP funds have been fairly distributed to minority-owned businesses, and there is an alarming rate of small loans,” he said.

“Going forward, the SBA should revise the information to include the amount a borrower requested and the amount received, and publicly commit to reporting revised data on an ongoing basis now and through the remittance process,” a- he added.