OLD Media Moves

At least three biz news organizations received PPP money

July 6, 2020

Posted by Chris Roush

At least three business news organizations received loans from the Paycheck Protection Program, according to the data released Monday.

Forbes magazine received a loan between $5 million and $10 million, as did Michigan-based Crain Communications, which operates weekly business newspapers in Chicago, Cleveland, Detroit and New York as well as industry publications.

KC Crain, president and chief operating officer of Crain, said, “The program did exactly what it was designed to do. It assisted Crain by covering the majority of our payroll and rent expenses, allowing us to maintain staffing levels and pay throughout the covered eight-week time period.”

Fortune magazine’s parent received a loan between $2 million and $5 million.

The U.S. Small Business Administration and Treasury Department released the data on Monday after news organizations sued for the information. The loans were created in March as a way to keep the U.S. economy going during the pandemic.

The loans are forgivable if the business uses the money for payroll, mortgage interest, rent and utilities, and the business maintains employee and compensation levels.

Fortune said that it retained 155 jobs while Forbes said it retained 25. Crain Communications said it retained 500 jobs.

In April, Fortune said it cut 35 jobs. The database says its loan was approved on April 15.

The loan database can be found here.

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