TheSkimm, Bustle Digital Group, and Maven are among the media companies that were approved for federal PPP loans
- Digital startups
TheSkimm , Bustle Digital Group, and Maven are among themedia companies that were approved for Paycheck Protection Program loans from the Small Business Administration, according to the SBA. - The bailouts are meant to help the companies keep paying staff as revenue took a hit because of the
coronavirus . - TheSkimm was approved for a $2 million to $5 million loan to sustain 121 jobs, per the SBA.
Millennial-aimed news outlet TheSkimm was approved for a $2 million to $5 million bailouts to retain 121 jobs, according to the SBA, which just released the list of loan recipients.
The $670 billion federal program was approved in March as part of emergency economic measures amid the coronavirus pandemic. The SBA made 4.9 million loans, totaling $521.4 billion at an average size of $106,744.
TheSkimm has raised close to $30 million over the years. In May, Business Insider reported it laid off about 20% of its 130-person staff as ad revenue took a dive after the pandemic hit and faces questions about its future, with funding sources drying up and its business relying heavily on ad revenue. Read the full story here.
Others that were approved for PPP loans include:
- Bustle Digital Group, which has raised more than $80 million in venture capital, was approved for a $5 million to $10 million loan.
- Flipboard, which has raised more than $210 million, was approved for $5 million to $10 million.
- Leaf Group (formerly Demand Media), which has raised more than $158 million, was approved for $5 million to $10 million.
- Ozy Media, which has raised more than $70 million, was approved for $2 million to $5 million.
- Maven, which raised $20 million last year, was approved for $5.7 million.
- Axios, which has raised $57 million, said it got and returned a $4.8 million PPP loan, saying the program had become divisive and that the company found another source of capital.
