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660394 Posts in 26460 Topics by 3765 Members - Latest Member: toddallangreen August 03, 2020, 10:32:33 AM
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Author Topic: Beach Boys-Related PPP COVID Loans  (Read 478 times)
HeyJude
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« on: July 13, 2020, 02:54:03 PM »

For those into truly arcane BB-related trivia, with the release a little while back of the list of companies that have received a PPP loan through the SBA, we can check for BB related companies.

You can get the full list here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Searching through the humongous spread sheet, it looks like a "MELECO LLC" in Incline Village, NV was able to secure a PPP loan. Little additional info is on this document, only that it was for between $350,000 and $1 million.

Can't find other BB-related companies on there, though I doubt I know all the business name variants.

I'm not all up on what PPP loans have to be used for; there are a bunch of documents online with those details. It's supposed to be for business related costs (payroll obviously being a main one), though I can only imagine there are a myriad of variations and loopholes involved with these loans.

I guess this doesn't answer the question as to whether Mike is paying the band and/or road crew, especially because the MELECO entry on that spreadsheet is one of relatively few that don't list the number of employees. One would hope such a loan would be able to funnel them some sort of paycheck.

Anyway, just some random trivia for you. Not judging whether this would be good or bad. As many news stories have indicated, many businesses in need have been saved with these PPP loans, while other companies that absolutely don't need the loans and/or don't allocate the money to employees that need it the most, have also received them. In a few cases, the outcry has been sufficient for companies to return the loan money.
« Last Edit: July 13, 2020, 02:55:14 PM by HeyJude » Logged

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guitarfool2002
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« Reply #1 on: July 13, 2020, 06:15:46 PM »

The main stipulation was - as far as I understood the process - the business had to prove that the loan amount was spent solely if not something like 95% on employee retention to avoid layoffs or closure, and then the loan would be forgiven. The businesses receiving the loans will have to show that the money was given to their employees' payroll and not used for other everyday operations.

If that is incorrect, please correct it for the record.

I don't even want to get started on this loan program overall, because from the get-go it seemed to stink as if something was bad...Like small businesses who genuinely needed it who didn't get as quick of a response if a response at all from the banks servicing the government backed loans while major corporations, publicly traded companies, and even sports teams like the LA Lakers got approved for loans before public outcry caused some of them to go on social media, hat-in-hand, and say they're giving back the loan so a legit "small business" could use that money instead.

Then news came out how many major artists who are worth a fortune if not corporations unto themselves like The Eagles and Green Day received these loans. Hey, if they need the money to keep their crew and staff afloat with their payrolls, I guess that's fine, but The Eagles? They're like a multi-million dollar corporation themselves where each member has a personal lawyer and "team" and they are charging insane amounts for tickets to begin with. I'm not going to judge without all the facts. But then my blood pressure went up even further when it was reported that companies who had supported Trump financially got first dibs on the loans...and after that I can't say anymore because I'll get too mad over the whole debacle and start ranting more than usual.

Anyway, yes, one wonders which of the irons in the MELECO fire qualified and received the small business loans in this case and whether the Beach Boys touring operation was included. And one also wonders how very wealthy rock stars would even apply for a government backed loan to keep their staff on the payroll when it could be argued by many fans that their wealth and investments could sustain keeping the staff on the payroll without such loans. But what do I know, I just pay taxes.
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"All of us have the privilege of making music that helps and heals - to make music that makes people happier, stronger, and kinder. Don't forget: Music is God's voice." - Brian Wilson
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