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So which comics companies got PPP loans?

Back when this pandemic thing first began, several economic relief packages were floated as part of the CARES Act, including small business loans known as PPP (Payment Protection Program) loans. The loans were to help with payroll to keep people employed – with the loans forgivable if 60% of the money went to payroll.

We already know that many comics publishers and shops sensibly applied for and received loans. As reported here, Diamond Comic Distributors is among them. A vast database of loans that were granted has been put up by the SBA, and companies of all kinds and sizes can be found there.

ICv2 took a look at Diamond’s loan – somewhere between $5-10 million for the main company and smaller loans for two subsidiaries. We did an eyeball glazing search for other publishers and shops and came up with the following table.

 

Range Company
$5-10 million DIAMOND COMIC DISTRIBUTORS, INC
$2-5 million ANDREWS MCMEEL UNIVERSAL
$2-5 million DARK HORSE MEDIA, LLC
$2-5 million NEWBURY COMICS INC
$2-5 million VIZ MEDIA LLC
$1-2 million IDW MEDIA HOLDINGS
$1-2 million SAN DIEGO COMIC CONVENTION
$1-2 million STAR CITY COMICS & GAMES, INC.
$350,000-1 million ARCHIE COMIC PUBLICATIONS, INC.
$350,000-1 million BOOM ENTERTAINMENT, INC.
$350,000-1 million IMAGE COMICS, INC.
$350,000-1 million LONE STAR COMICS AND SCIENCE FICTION INC
$350,000-1 million MIDTOWN COMICS ONLINE INC-SBA SMALL 7A TERM
$350,000-1 million ONI-LION FORGE PUBLISHING GROUP, LLC
$350,000-1 million ROSEBUD ENTERTAINMENT, LLC
$350,000-1 million SKYBOUND, LLC
$350,000-1 million VALIANT ENTERTAINMENT LLC
$150,000-350,000 A-1 COMICS INC
$150,000-350,000 COMICCONNECT CORP
$150,000-350,000 COMICLINK INC
$150,000-350,000 DIAMOND SELECT TOYS & COLLECTIBLES, LLC
$150,000-350,000 DYNAMIC FORCES INC
$150,000-350,000 FANTAGRAPHICS BOOKS INC
$150,000-350,000 GRAHAM CRACKERS COMICS LTD
$150,000-350,000 HUMANOIDS, INC.
$150,000-350,000 MADNESS GAMES & COMICS
$150,000-350,000 MIDTOWN COMICS INC-SBA SMALL 7A TERM
$150,000-350,000 NEW DIMENSION COMICS INC
$150,000-350,000 ZENESCOPE ENTERTAINMENT INC.

There’s nothing too surprising here if you follow our business reporting. The loans were based on payroll and expenses, so they indicate the size of the company based on employees, not on profits or revenue. Thus Midtown’s online business got a larger loan than its retail arm.

It’s also not anything to be ashamed of – applying for aid during an economic shutdown is a smart move to keep people on the payroll and keep companies afloat, and it’s good that these comics companies were able to receive aid.

Now, we did hear that many actual small businesses, including comics shops, had a harder time getting loans, and there are lots of stories about billionaires getting payouts, from Kanye West to Soho House. And of course there was fraud, like using PPP money to pay for a new house in the case of the CEO of Wendy’s. Nice one!

But at least some publishers, shops and entities did get some support, which was reportedly useful, according to the cases we’ve heard. And certainly with comics unavailable for sale for seven weeks, everybody needed a little boost.

Thousands and thousands of smaller loans were also granted, but not the names of who received them, so we won’t be combing through those databases.

Many comics shops also received money from BINC, the Book Industry Charitable Foundation. And several comics-focused charities are underway to support retailers even more. And who knows, with COVID-19 still on the prowl we may even see a second wave of aid.

 

 

 

 

The post So which comics companies got PPP loans? appeared first on The Beat.

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