TheSkimm, Bustle Digital Group, and Maven are among the media companies that were approved for federal PPP loans

TheSkimm
  • Digital startups TheSkimm, Bustle Digital Group, and Maven are among the media companies that were approved for Paycheck Protection Program loans from the Small Business Administration, according to the SBA.
  • The bailouts are meant to help the companies keep paying staff as revenue took a hit because of the coronavirus.
  • TheSkimm was approved for a $US2 million to $US5 million loan to sustain 121 jobs, per the SBA.
  • Visit Business Insider’s homepage for more stories.

Digital media outlets TheSkimm, Bustle Digital Group, and Sports Illustrated parent Maven are among the companies that were approved for Paycheck Protection Program loans from the Small Business Administration, according to the SBA.

Millennial-aimed news outlet TheSkimm was approved for a $US2 million to $US5 million bailouts to retain 121 jobs, according to the SBA, which just released the list of loan recipients.

The $US670 billion federal program was approved in March as part of emergency economic measures amid the coronavirus pandemic. The SBA made 4.9 million loans, totaling $US521.4 billion at an average size of $US106,744.

TheSkimm has raised close to $US30 million over the years. In May,Business Insider reported it laid off about 20% of its 130-person staff as ad revenue took a dive after the pandemic hit and faces questions about its future, with funding sources drying up and its business relying heavily on ad revenue. Read the full story here.

Others that were approved for PPP loans include:

  • Bustle Digital Group, which has raised more than $US80 million in venture capital, was approved for a $US5 million to $US10 million loan.
  • Flipboard, which has raised more than $US210 million, was approved for $US5 million to $US10 million.
  • Leaf Group (formerly Demand Media), which has raised more than $US158 million, was approved for $US5 million to $US10 million.
  • Ozy Media, which has raised more than $US70 million, was approved for $US2 million to $US5 million.
  • Maven, which raised $US20 million last year, was approved for $US5.7 million.
  • Axios, which has raised $US57 million, said it got and returned a $US4.8 million PPP loan, saying the program had become divisive and that the company found another source of capital.

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