There are approximately 14,000 agencies in the United States, at least in terms of how the federal government lumps together creative, media and other shops. Of those, 2,085—representing 15% of the industry—have received loans ranging from $150,000 to $10 million through the federal effort to boost businesses that suffered from the Covid-19 pandemic.
Data recently released by the U.S. Small Business Administration shows the range of agencies that received the Paycheck Protection Program loans, which can be forgiven if used for payroll and other specific expenses outlined in the Coronavirus Aid, Relief, and Economic Security Act—known more succinctly as the CARES Act.
While specific loan amounts were not disclosed, the data below, extracted by Adweek from the full loan database, divides the recipients into ranges, with the smallest being $150,000 to $300,000 and the largest being $5 million to $10 million. (While many agencies have received smaller loans, they are not tracked in the same national data set, but you can find a link to state-by-state data at the bottom of this article.)
In total, the approved loans will help retain 67,000 jobs, according to the figures provided by the recipients in the application process.
Many of the larger loans went to agencies dependent on specific client industries that were hit hard by the pandemic, such as Las Vegas agency R&R Partners, famed for creating the city tourism slogan, “What happens here, stays here.” The agency received a loan in the maximum range, $5 million to $10 million, which it says will support 276 jobs.
“The bulk of our revenue comes from tourism, hospitality and entertainment—Las Vegas Convention Authority, Legion airlines, SeaWorld, Top Golf, clients like that, ” said R&R Partners CEO Billy Vassiliadis. “They were obviously all closed down for the most part. So our revenue took a deep and immediate dive. Fortunately, we had a little bit of reserve, but not too much. But we also made a commitment to keep people employed as long as possible.”
The agency implemented several cost-cutting measures, such as a hiring freeze, a 5% reduction on all salaries above $50,000 and eventually a 10% salary cut for all execs at the vp level or above.
The agency’s first application for a PPP loan was declined, but its second attempt was successful.
“All of it is getting applied to payroll and health insurance,” Vassiliadis said. “We want to keep folks on as long as it’s humanly possible.”
Below, you can browse the full list of agencies that received PPP of $150,000 or more:
The data above was extracted by Adweek from the federal government’s database of businesses that have received PPP loans of $150,000 or more. You can find the full data set on the U.S. Treasury Department’s website, which also includes state-by-state data about businesses that received less than $150,000.
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