My Chemical Romance Explain Taking PPP Loan for Postponed Tour

The loan is made for companies that employ or were planning to employ people. A tour counts.

 

Yeah I have zero issue with this. Big productions and big costs. Keeping those crews paid so their families can be safe should not be scorned. It’s what should be happening for EVERYONE. The fact that we’re arguing about whether this is right at all is just another sign of how far right the Overton window has gone.

This is just another reminder to fill out this form to save independent venues:

Take Action — NIVA

 

Were people actually confused about why this was necessary? Seems like a no brained to me and I’m happy these loans were granted.

 

I was today years old when I stopped doing my job to learn about the Overton Window

 

I think one of the key things most people are forgetting about these PPP loans is that they are loans, not grants. While some of the loans will be forgiven, most of these business need to pay them back once things return to "normal". So all of these major artists who acquired these loans will most likely be paying them back once they DO tour. Twenty One Pilots also secured a PPP loan and they were able to keep 19 of their crew employed with it.

I know some people are wondering why these artists just aren't paying them out of pocket. I think yes that would be nice, and a lot of the larger artists can probably afford it, I'm not sure if the burden should fall on them anyway.

 

The only party in this story that should be catching any flack at all is the government for not providing more assistance to smaller actors within the music industry. I do wonder how many bands, labels, and independent venues will ultimately be financially viable after the pandemic.

 

Lol they didn't need to justify this

 

With cancel culture in full effect, sadly I understand why they felt the need to justify this. Agree with everyone else on here though, they definitely didn’t need to.

 

Them explaining themselves is one of the MANY things that separates them as artists, nay HUMANS from the likes of someone like Kanye West

 

If 60% of the total loan goes to payroll then the full amount is forgiven. It's a very kind loan. But a lot of companies took it out and pocketed the money instead of using it for payroll. For them the interest rate of 1% is a steal vs other loans.

 

So if they pocketed the money instead of using it towards payroll, then the loan wouldn't be forgiven right and it would have to be paid back in full?

 

yes, but at a very good interest rate (1% i believe). So technically this was the best possible loan anyone could ever get seeing as credit cards and banks want 9-30% depending on credit.