It turns out Jeff Koons, Pace, and other art-world heavyweights had millions of dollars in PPP loans forgiven by the government:
Jared Kushner, Jay Z, and Reese Witherspoon all made headlines recently thanks to the publication of a newlisting all 11.5 million loans approved by the U.S. government under its emergency $953 million Payment Protection Program .
But Koons wasn’t the only art-world figure to secure PPP money. Blue-chip mega-galleries including David Zwirner , Hauser & Wirth , Gagosian , and Pace each received loans, and each had them forgiven in full, plus any accrued interest. In a statement, a representative for Pace said: “Pace participated in the Paycheck Protection Program in order to protect the jobs of our employees in the face of the global health pandemic and the economic hardship it brought. All the money from the loan went towards staff salaries.”
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