Leading music acts, many of whom make millions in a year, including the Eagles, Pearl Jam, Guns N’ Roses and more have recieved PPP loans for postponed tours as part of the federal government’s relief plan for small businesses.
The Chainsmokers, Green Day, Tool, Nickelback, Imagine Dragons, Weezer, and Chris Stapleton have also been granted loans to ease the financial hardships caused by the coronavirus (COVID-19) shutdown. Plus, more than 50 acts including bands Incubus, Slipknot, My Chemical Romance, rappers Wiz Khalifa, French Montana and Lil Jon, and the list goes on.
Some of the larger loans were reportedly good for $350,000 up to $1 million, but many of the names mentioned here received between $150,000 and $350,000 — all funded by the $2 trillion CARES Act intended for relief to small businesses impacted by the coronavirus.
The pandemic has been especially hard on the music industry. Many of these artists mentioned here have been forced to cancel gigs and entire tours, their main source of revenue.
Rolling Stone has more info on the PPP loans here.