PPP Loans for Fashion Brands

LAYOFFS/FURLOUGHS
1

Did anyone catch the article from WWD on which brands got PPP loans? And stated the number of jobs saved?

Failing to understand how The Row, Madewell, Alexander Wang, Valentino and Vera Wang received PPP money. Those are major names and you would think they have the resources. YEEZY? Meanwhile, small brands can’t get $50K.

I also question some of the jobs saved. For example, I know people who worked for MZ Wallace. There’s no way they saved 45 jobs when they laid off more than 50% of their workforce.

2

I think it is disgusting that publicly traded companies got PPP money.

As for saving jobs, the plan was geared toward total payroll. In theory, a company could lay people off and offset the payroll expenditure with raises to other employees (or owners).

4 Likes
3

Was this in today’s WWD?

4

It was from the July 8 WWD