Billionaire-backed private members’ club Soho House received almost $22 million in coronavirus PPP loans
- A billionaire-backed exclusive members’ club, Soho House, received almost $22 million through the US government’s coronavirus loan scheme for small businesses, new data shows.
- The Trump administration’s paycheck protection program (PPP) sanctioned six different loans to the private members’ club, which has a value of $2 billion.
- American billionaire Ron Burkle, Soho House’s biggest investor, last month led an investment round worth $100 million to shore up finances for the group, which caters to the creative elite.
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London-based Soho House, a selective private members’ club for those in the arts and media, received almost $22 million through the Trump administration’s coronavirus bailout program, new records showed on Monday.
The exclusive club received six different loans of between $350,000 and $10 million under the government’s Paycheck Protection Program (PPP). The loans were for its locations in Los Angeles, Chicago, Miami, and New York.
The $670 billion PPP was approved in March to help small businesses through the coronavirus crisis. According to newly released data, the program issued 4,885,388 loans totaling almost $520 billion.
Soho House, valued at $2 billion, managed to save 1,996 jobs in the US because of the funding it …continued .
[Source: Business Insider]