Top Top-Rated Museums and Galleries Receive Millions in COVID-19 Relief Loans in United States
Major museums, renowned artists and premier galleries were among the beneficiaries of the U.S. government’s Paycheck Protection Program (P3), according to new federal data from the Small Business Administration. The arts journal reported that Pace, Gagosian, and David Zwirner all received loans of $ 2-5 million from the program, while artist studios like Jeff Koons, Robert Longo, and Julie mehretu received loans ranging from $ 150,000 to $ 2 million. ARTnews reported that major museums like the Guggenheim museum, the Whitney Museum, and the Los Angeles County Museum of Art each received $ 5-10 million in loans.
The PPP, which was enacted in March as part of the CARES (Coronavirus Aid, Relief, and Economic Security) law, aims to help small businesses avoid layoffs and continue paying employees during the COVID-crisis. 19. The program has recently been criticized for the high volume of publicly traded or high-capital companies that have received loans, as well as the continued layoffs of some beneficiaries despite receiving funds. Zwirner, who has received between $ 1 and $ 2 million in aid, dismissed around 20 percent of staff last week, while in April the Guggenheim Museum put on leave 92 employees and the Whitney laid off 76.