Arts nonprofits received $1.8 billion in Paycheck Protection loans

Arts nonprofits received $1.8 billion in Paycheck Protection loans

Although nonprofit arts organizations have received $1.8 billion in federal Paycheck Protection Program loans since the program was launched in late March, the amount falls far short of the $9.1 billion in COVID-related revenue losses suffered by nonprofit arts and cultural organizations to date, an analysis by Americans for the Arts finds.

According to an analysis of government PPP loan data — forgivable loans included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide a direct incentive for small businesses to keep workers on the payroll — arts and creative industries received 173,243 loans totaling $13.7 billion, temporarily saving some 1.1 million jobs. Nonprofit arts organizations received almost 10,000 loans totaling $1.8 billion and retained 176,261 jobs, while the remaining 163,326 loans totaling nearly $12 billion saved the jobs of 947,877 gig workers and employees at for-profit arts and creative economy businesses. 

An analysis of PPP data for each of the fifty-three arts industry categories in the study found that nonprofits in twelve "core arts businesses" received 7,281 PPP loans totaling $1.43 billion — led by museums ($582.8 million), theater companies ($177.3 million), botanical gardens and zoos ($158.1 million), and performing arts and sports promoters with their own facilities ($143.8 million). In addition, fine arts schools received $126.2 million, libraries and nonprofit archives received $70.4 million, public television broadcasting received $56.7 million, and public radio stations received $39.4 million.

(Photo credit: United Way)

"A first look at America’s arts industries success at accessing PPP loans." Americans for the Arts press release 07/23/2020. "PPP loans by arts industry." Americans for the Arts data 07/23/2020.