The U.S. government's Paycheck Protection Program shelled out $660 billion dollars to more than 4.9 million small businesses. The loans would be forgiven as long as its recipients used at least 75% to pay employees at pre-pandemic levels. The loans were distributed in tiers ranging from between $150,000-350,000 up to $5-10 million.
MetalSucks dug through the extensive data available from the government about where the money went and found quite a few metal-related entities. These entities ranged from instrument manufacturers like Paul Reed Smith, Ibanez, and Music Man, to record labels like Metal Blade, Sumerian, and Victory.
Here is a look at some of the companies they tracked down.
Companies that took loans between $5 million and $10 million:
- American Musical Supply, Inc.; 474 employees
- Sam Ash Music Corporation; 500 employees
- The Brooklyn Academy of Music; 466 employees
Between $2 million and $5 million:
- Paul Reed Smith Guitars; 373 employees
Between $1 million and $2 million:
- Moog Music Inc.: 157 employees
- Peavey Electronics Corporation; 81 employees
- Hoshino USA Inc. (Ibanez); no number of employees listed
- Korg USA Inc: 84 employees
Between $350,000 and $1 million:
- Metallica Club, Inc. (Seemingly Metallica's fan club business? The corporation's owners include James Hetfield, Kirk Hammett and Lars Ulrich); 20 employees
- Q Prime, Inc. (Managers of bands like Metallica, Baroness, Disturbed, Volbeat, Muse); 36 employees
- Equal Vision Records, Inc.; 80 employees
- Sub Pop Records; 60 employees
- Third Man Records, LLC: 30 employees
- Kiesel Guitars; 49 employees
- Schecter Guitar Research Inc.; 51 employees
- Mesa/Boogie, Limited: 75 employees
- EMG Inc; 58 employees
- DiMarzio Inc.; 60 employees
Between $150,000 and $350,000:
- Sumerian Records, LLC; 19 employees
- Metal Blade Records, Inc.; 15 employees
- Victory Records, Inc.; 24 employees
- Cleopatra Records Inc.; 15 employees
- Hopeless Records, Inc.; 13 employees
- Kings Road Merchandising, Inc.; 33 employees
- Amoeba Music, Inc.; 26 employees
- House of Blues Music Forward Foundation; 16 employees
View the full list at MetalSucks.
