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All the Fashion Companies That Got PPP Loans

The fashion industry has been struggling through the coronavirus pandemic and the effects it’s had not only on shopping but manufacturing. But some were among the lucky companies that got forgivable loans from the federal government. 

The Paycheck Protection Program has been rife with flaws since the Trump Administration rushed it through in April as an attempt to stem massive job losses and unemployment caused by a forced closure at the state level of most U.S. business in an effort to slow the spread of the coronavirus

One of the biggest issues with the program early on was an apparent lack of oversight that saw a number of large, even several public, companies receiving large PPP loans. Meanwhile, many small businesses and banks claimed they were often unable to even submit loan applications because the government web site for submission kept crashing. If they were able to submit, many said applications were rejected or that the Small Business Administration, led by U.S. Treasury Secretary Steven Mnuchin, favored loan applications from large banks for companies that were also larger and had more employees. Banks are also said to have favored applications from companies that were bigger clients, leaving smaller businesses unable to submit applications in many cases, according to various reports. 

At any rate, a number of fashion brands and related industries succeeded in getting some amount of a PPP loan. Even many companies that are headquartered in Europe and only have a secondary base in the U.S., including Valentino, Commes des Garçons and Max Mara, among several others. 

In order for any loan to be forgivable under the government guidelines, companies have to keep workers employed at whatever level they were before the pandemic and use the money for current operating costs. But it’s unclear how exactly the government intends to monitor the companies for compliance or go about getting money back if a company is found to have misused a loan. Several of the companies that received PPP loans have indeed enacted layoffs and/or unpaid furloughs, including Rag & Bone and Chrome Hearts, both of which received millions of dollars in aid.  

Still, in a list of 650,000 companies that received individual loans of between $150,000 and $10 million, there are only about 60 companies that are notable in the fashion space. The SBA only gives the amount for each as a range. If there is a specific number, it’s due to the company that received a PPP loan confirming the exact amount it received. 

In applications for the loans, companies were all asked to self-report the gender and ethnicity of the owner, but nearly all did not. One requirement that was mostly met was to self-submit the number of jobs that would be saved by getting a PPP loan, the amount of which was supposed to be largely based on headcount. Even that, however, was not divulged by some companies. Still, as can be seen in the list below, they received federal aid.

Here is a comprehensive list of fashion, retail and beauty companies that received money from the government PPP loan program, along with the number of jobs they claimed were saved and the bank used for the loan process:

ALC & Co.   Loan Amount: $1 million to $2 million   Jobs saved: 75  Bank: Byline Bank

Alice & Olivia   Loan Amount: $5 million to $10 million   Jobs saved: 400   Bank: HSBC Bank

Alexander Wang  Loan Amount: $2 million to $5 million   Jobs saved: 178   Bank: HSBC Bank

Anine Bing Corp.  Loan Amount: $1 million to $2 million   Jobs saved: 87   Bank: Bank of America

B8ta   Loan Amount: $2 million to $5 million   Jobs saved: 63  Bank: Silicon Valley National 

Bailey 44   Loan Amount: $1 million to $2 million   Jobs saved: 60   Bank: JP Morgan Chase

Beacon’s Closet   Loan Amount: $350,000 to $1 million   Jobs saved: 60   Bank: WebBank

– The Black Tux   Loan Amount: $2 million to $5 million   Jobs saved: Unanswered   Bank: Banc of California

BZR (shopbzr.com)  Loan Amount: $5 million to $10 million   Jobs saved: Unanswered   Bank: Radius Bank

CatBird   Loan Amount: $350,000 to $1 million   Jobs saved: 125  Bank: Bank of America

Chrome Hearts   Loan Amount: $5 million to $10 million  Jobs saved: 489   Bank: City National

– Citizens of Humanity  Loan Amount: $2 million to $5 million   Jobs saved: 195  Bank: City National Bank

Commes des Garçons   Loan Amount: $350,000 to $1 million   Jobs saved: 29   Bank: Emigrant Bank

Cos Bar  Loan Amount: $1 million to $2 million   Jobs saved: 127   Bank: Zions Bank

Crossroads Trading Co.   Loan Amount:  $2 million to $5 million  Jobs saved: 313   Bank: Readycap Lending

Cuyana   Loan Amount: $1 million to $2 million   Jobs saved: 107   Bank: Comerica Bank

David Stark   Loan Amount: $1 million to $2 million   Jobs saved: 53   Bank: TD National 

DIA Styling   Loan Amount: $2 million to $5 million   Jobs saved: 0   Bank: Silicon Valley Bank

Dolls Kill   Loan Amount: $2 million to $5 million   Jobs saved: 377   Bank: Silicon Valley National

– Dover Street Market New York   Loan Amount: $1 million to $2 million   Jobs saved: 64   Bank: Emigrant Bank

– Dr. Dennis Gross Skincare   Loan Amount: $1 million to $2 million   Jobs saved: 69   Bank: JP Morgan Chase

Etro USA   Loan Amount: $1 million to $2 million   Jobs saved: 118   Bank: Bank of America

GlamSquad  Loan Amount: $1 million to $2 million   Jobs saved: 46   Bank: Valley National Bank

– Iconix Brand Group   Loan Amount: $1 million to $2 million   Jobs saved: 29   Bank: JP Morgan Chase

– James Perse   Loan Amount: $2 million to $5 million  Jobs saved: 275   Bank: Bank of America

– Jonathan Adler   Loan Amount: $1 million to $2 million   Jobs saved: 80  Bank: Spring Bank

– Hanky Panky   Loan Amount: $2 million to $5 million   Jobs saved: 90  Bank: JP Morgan Chase

– Hickey Freeman   Loan Amount: $2 million to $5 million   Jobs saved: 310   Bank: The Canandaigua National Bank and Trust

Kleinfeld Bridal  Loan Amount: $2 million to $5 million   Jobs saved: 218  Bank: Signature Bank

– Lafayette 148   Loan Amount: $5 million to $10 million   Jobs saved: 363   Bank: HSBC Bank

– LaunchSquad   Loan Amount: $2 million to $5 million   Jobs saved: 114  Bank: Bank of Springfield

– M.M.LaFleur   Loan Amount: $2 million to $5 million   Jobs saved: 150   Bank: Silicon Valley Bank

Madewell   Loan Amount: $2 million to $5 million   Jobs saved: 121   Bank: Bank of America

– Marine Layer   Loan Amount: $2 million to $5 million   Jobs saved: 314   Bank: JP Morgan Chase

Mansur Gavriel   Loan Amount: $350,000 to $1 million   Jobs saved: 21   Bank: Spring Bank

Manolo Blahnik Americas   Loan Amount: $350,000 to $1 million   Jobs saved: 18   Bank: Bank of America

– Marchesa   Loan Amount: $1 million to $2 million   Jobs saved: 69   Bank: City National

MaxMara Retail   Loan Amount: $2 million to $5 million   Jobs saved: 279   Bank: JP Morgan Chase

– MeUndies    Loan Amount: $2 million to $5 million   Jobs saved: 162   Bank: Pacific Western Bank

Moda Operandi  Loan Amount: $5 million to $10 million   Jobs saved: 349   Bank: Comerica Bank

– ModCloth   Loan Amount: $2 million to $5 million   Jobs saved: 176   Bank: Sunwest Bank

MZ Wallace   Loan Amount: $350,000 to $1 million   Jobs saved: 45   Bank: JP Morgan Chase

Noah Clothing   Loan Amount: $350,000 to $1 million   Jobs saved: 41      Bank: Emigrant Bank

Paragon Sports   Loan Amount: $2 million to $5 million   Jobs saved: 337   Bank: Valley National Bank

Pat McGrath Cosmetics   Loan Amount: $1 million to $2 million   Jobs saved: 94   Bank: City National Bank

Paul Smith   Loan Amount: $1 million to $2 million   Jobs saved: 96   Bank: HSBC Bank

3.1 Phillip Lim   Loan Amount: $1 million to $2 million   Jobs saved: 53   Bank: JP Morgan Chase

Rag & Bone   Loan Amount: $5 million to $10 million   Jobs saved: 500   Bank: Modern Bank

– The Row   Loan Amount: $2 million to $5 million   Jobs saved: 51  Bank: City National Bank

– ThirdLove   Loan Amount: $2 million to $5 million   Jobs saved: 141   Bank: SRI FCU

Tom Ford Retail   Loan Amount:  $1 million to $2 million  Jobs saved: 85   Bank: HSBC Bank

– Untuckit   Loan Amount: $5 million to $10 million   Jobs saved: 429  Bank: Pacific Western Bank

– Valentino USA   Loan Amount: $2 million to $5 million   Jobs saved: 281   Bank: Citibank

Vera Wang  Loan Amount: $2 million to $5 million   Jobs saved: 197   Bank: HSBC Bank

– Volcom   Loan Amount: $2 million to $5 million   Jobs saved: 236   Bank: Sunwest Bank

Yeezy   Loan Amount: $2 million to $5 million   Jobs saved: 106   Bank: City National Bank