All the Fashion Companies That Got PPP Loans
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The fashion industry has been struggling through the coronavirus pandemic and the effects it’s had not only on shopping but manufacturing. But some were among the lucky companies that got forgivable loans from the federal government.
The Paycheck Protection Program has been rife with flaws since the Trump Administration rushed it through in April as an attempt to stem massive job losses and unemployment caused by a forced closure at the state level of most U.S. business in an effort to slow the spread of the coronavirus.
One of the biggest issues with the program early on was an apparent lack of oversight that saw a number of large, even several public, companies receiving large PPP loans. Meanwhile, many small businesses and banks claimed they were often unable to even submit loan applications because the government web site for submission kept crashing. If they were able to submit, many said applications were rejected or that the Small Business Administration, led by U.S. Treasury Secretary Steven Mnuchin, favored loan applications from large banks for companies that were also larger and had more employees. Banks are also said to have favored applications from companies that were bigger clients, leaving smaller businesses unable to submit applications in many cases, according to various reports.
At any rate, a number of fashion brands and related industries succeeded in getting some amount of a PPP loan. Even many companies that are headquartered in Europe and only have a secondary base in the U.S., including Valentino, Commes des Garçons and Max Mara, among several others.
As for Valentino, the Italian fashion house claims that it did not receive any government funds. Although the company worked with Citibank on a PPP application, a spokesman said it did not “move forward” with it in the end. Yet, the company’s U.S. affiliate is still listed in government data as a recipient of millions of dollars in aid.
In order for any loan to be forgivable under the government guidelines, companies have to keep workers employed at whatever level they were before the pandemic and use the money for current operating costs. But it’s unclear how exactly the government intends to monitor the companies for compliance or go about getting money back if a company is found to have misused a loan. Several of the companies that received PPP loans have indeed enacted layoffs and/or unpaid furloughs, including Rag & Bone and Chrome Hearts, both of which received millions of dollars in aid.
Still, in a list of 650,000 companies that received individual loans of between $150,000 and $10 million, there are only about 60 companies that are notable in the fashion space. The SBA only gives the amount for each as a range. If there is a specific number, it’s due to the company that received a PPP loan confirming the exact amount it received.
In applications for the loans, companies were all asked to self-report the gender and ethnicity of the owner, but nearly all did not. One requirement that was mostly met was to self-submit the number of jobs that would be saved by getting a PPP loan, the amount of which was supposed to be largely based on headcount. Even that, however, was not divulged by some companies. Still, as can be seen in the list below, they received federal aid.
Here is a comprehensive list of fashion, retail and beauty companies that received money from the government PPP loan program, along with the number of jobs they claimed were saved and the bank used for the loan process:
– Ace & Jig Loan amount: $150,000 to $350,000 Jobs saved: 10 Bank: Citibank
– ALC & Co. Loan amount: $1 million to $2 million Jobs saved: 75 Bank: Byline Bank
– Alex Mill Loan amount: $150,000 to $350,000 Jobs saved: 23 Bank: New York Business Development Corp.
– Alice & Olivia Loan amount: $5 million to $10 million Jobs saved: 400 Bank: HSBC Bank
– Alexander Wang Loan amount: $2 million to $5 million Jobs saved: 178 Bank: HSBC Bank
– American Giant Loan amount: $350,000 to $1 million Jobs saved: 8 Bank: JP Morgan Chase
– American Rag et Cie Loan amount: $350,000 to $1 million Jobs saved: 50 Bank:Pacific Western Bank
– Anine Bing Corp. Loan amount: $1 million to $2 million Jobs saved: 87 Bank: Bank of America
– Ayr Loan amount: $150,000 to $350,000 Jobs saved: 11 Bank: Silicon Valley Bank
– B8ta Loan amount: $2 million to $5 million Jobs saved: 63 Bank: Silicon Valley National
– Baggu Loan amount: $350,000 to $1 million Jobs saved: 51 Bank: First Republic Bank
– Bailey 44 Loan amount: $1 million to $2 million Jobs saved: 60 Bank: JP Morgan Chase
– Barefoot Dreams Loan amount: $350,000 to $1 million Jobs saved: Unanswered Bank: Banc of California
– Beacon’s Closet Loan amount: $350,000 to $1 million Jobs saved: 60 Bank: WebBank (The company also received three additional loans of between $150,000 to $350,000)
– Beautylish Loan amount: $1 million to $2 million Jobs saved: 104 Bank: East West Bank
– The Black Tux Loan amount: $2 million to $5 million Jobs saved: Unanswered Bank: Banc of California
– BZR (shopbzr.com) Loan amount: $5 million to $10 million Jobs saved: Unanswered Bank: Radius Bank
– Buck Mason Loan amount: $1 million to $2 million Jobs saved: 70 Bank: JP Morgan Chase
– CatBird Loan amount: $350,000 to $1 million Jobs saved: 125 Bank: Bank of America
– Chrome Hearts Loan amount: $5 million to $10 million Jobs saved: 489 Bank: City National
– Citizens of Humanity Loan amount: $2 million to $5 million Jobs saved: 195 Bank: City National Bank
– Commes des Garçons Loan amount: $350,000 to $1 million Jobs saved: 29 Bank: Emigrant Bank
– Cos Bar Loan amount: $1 million to $2 million Jobs saved: 127 Bank: Zions Bank
– Crossroads Trading Co. Loan amount: $2 million to $5 million Jobs saved: 313 Bank: Readycap Lending
– Cuyana Loan amount: $1 million to $2 million Jobs saved: 107 Bank: Comerica Bank
– David Stark Loan amount: $1 million to $2 million Jobs saved: 53 Bank: TD National
– DIA Styling Loan amount: $2 million to $5 million Jobs saved: 0 Bank: Silicon Valley Bank
– Dita Loan amount: $1 million to $2 million Jobs saved: 81 Bank: City National Bank
– Dolls Kill Loan amount: $2 million to $5 million Jobs saved: 377 Bank: Silicon Valley National
– Dover Street Market New York Loan amount: $1 million to $2 million Jobs saved: 64 Bank: Emigrant Bank
– Dr. Dennis Gross Skincare Loan Amount: $1 million to $2 million Jobs saved: 69 Bank: JP Morgan Chase
– Etro USA Loan amount: $1 million to $2 million Jobs saved: 118 Bank: Bank of America
– Ford Models Loan amount: $350,000 to $1 million Jobs saved: 0 Bank: Interaudi Bank
– GlamSquad Loan amount: $1 million to $2 million Jobs saved: 46 Bank: Valley National Bank
– Good American Loan amount: $1 million to $2 million Jobs saved: 57 Bank: OneWest Bank
– Gorjana Loan amount: $1 million to $2 million Jobs saved: 160 Bank: JP Morgan Chase
– Iconix Brand Group Loan amount: $1 million to $2 million Jobs saved: 29 Bank: JP Morgan Chase
– James Perse Loan amount: $2 million to $5 million Jobs saved: 275 Bank: Bank of America
– Jonathan Adler Loan amount: $1 million to $2 million Jobs saved: 80 Bank: Spring Bank
– Hanky Panky Loan amount: $2 million to $5 million Jobs saved: 90 Bank: JP Morgan Chase
– Hickey Freeman Loan amount: $2 million to $5 million Jobs saved: 310 Bank: The Canandaigua National Bank and Trust
– K-Swiss Loan amount: $1 million to $2 million Jobs saved: 121 Bank: HSBC Bank
– Kleinfeld Bridal Loan amount: $2 million to $5 million Jobs saved: 218 Bank: Signature Bank
– Lafayette 148 Loan amount: $5 million to $10 million Jobs saved: 363 Bank: HSBC Bank
– LaunchSquad Loan amount: $2 million to $5 million Jobs saved: 114 Bank: Bank of Springfield
– M.M.LaFleur Loan amount: $2 million to $5 million Jobs saved: 150 Bank: Silicon Valley Bank
– Marine Layer Loan amount: $2 million to $5 million Jobs saved: 314 Bank: JP Morgan Chase
– Mansur Gavriel Loan amount: $350,000 to $1 million Jobs saved: 21 Bank: Spring Bank
– Manolo Blahnik Americas Loan amount: $350,000 to $1 million Jobs saved: 18 Bank: Bank of America
– Marchesa Loan amount: $1 million to $2 million Jobs saved: 69 Bank: City National
– Maxfield Loan amount: $1 million to $2 million Jobs saved: 80 Bank: Manufactures Bank
– MaxMara Retail Loan amount: $2 million to $5 million Jobs saved: 279 Bank: JP Morgan Chase
– MeUndies Loan amount: $2 million to $5 million Jobs saved: 162 Bank: Pacific Western Bank
– Moda Operandi Loan amount: $5 million to $10 million Jobs saved: 349 Bank: Comerica Bank
– ModCloth Loan amount: $2 million to $5 million Jobs saved: 176 Bank: Sunwest Bank
– MZ Wallace Loan amount: $350,000 to $1 million Jobs saved: 45 Bank: JP Morgan Chase
– Next Management Loan amount: $1 million to $2 million Jobs saved: 0 Bank: signature Bank
– Noah Clothing Loan Amount: $350,000 to $1 million Jobs saved: 41 Bank: Emigrant Bank
– Paragon Sports Loan amount: $2 million to $5 million Jobs saved: 337 Bank: Valley National Bank
– Pat McGrath Cosmetics Loan amount: $1 million to $2 million Jobs saved: 94 Bank: City National Bank
– Paul Smith Loan amount: $1 million to $2 million Jobs saved: 96 Bank: HSBC Bank
– 3.1 Phillip Lim Loan amount: $1 million to $2 million Jobs saved: 53 Bank: JP Morgan Chase
– Planet Beauty Loan amount: $1 million to $2 million Jobs saved: 247 Bank: CalPrivate Bank
– Rag & Bone Loan amount: $5 million to $10 million Jobs saved: 500 Bank: Modern Bank
– The Row Loan amount: $2 million to $5 million Jobs saved: 51 Bank: City National Bank
– ScentBird Loan amount: $350,000 to $1 million Jobs saved: 40 Bank: Silicon Valley Bank
– Stussy Loan amount: $1 million to $2 million Jobs saved: 0 Bank: The Northern Trust Company
– ThirdLove Loan amount: $2 million to $5 million Jobs saved: 141 Bank: SRI FCU
– Tom Ford Retail Loan amount: $1 million to $2 million Jobs saved: 85 Bank: HSBC Bank
– Tom Ford Retail California Loan amount: $350,000 to $1 million Jobs saved: 38 Bank: HSBC Bank
– Tradesy Loan amount: $1 million to $2 million Jobs saved: 107 Bank: Silicon Valley Bank
– Untuckit Loan amount: $5 million to $10 million Jobs saved: 429 Bank: Pacific Western Bank
– Valentino USA Loan amount: $2 million to $5 million Jobs saved: 281 Bank: Citibank
– Vera Wang Loan amount: $2 million to $5 million Jobs saved: 197 Bank: HSBC Bank
– Volcom Loan amount: $2 million to $5 million Jobs saved: 236 Bank: Sunwest Bank
– Wilhelmina International Loan amount: $1 million to $2 million Jobs saved: 89 Bank: Zions Bank
– Yeezy Loan Amount: $2 million to $5 million Jobs saved: 106 Bank: City National Bank
– 1 Model Management Loan amount: $350,000 to $1 million Jobs saved: 19 Bank: JP Morgan Chase
Editor’s note: Additional companies have been added to the list since initial publication. The story was also briefly amended to remove Madewell, which did not receive a PPP loan, and the claim of Valentino that it did not receive a loan despite being listed.
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