Malibu Entertainment, A Company Affiliated W/ Jay-Z’s Tidal, Received Over $2 Million From COVID-19 Government Relief Funds

Jay-Z

Malibu Entertainment, A Company Affiliated W/ Jay-Z’s Tidal, Received Over $2 Million From COVID-19 Government Relief Funds

A New York-based black-owned video production and motion picture business called Malibu Entertainment is making headlines for its receipt of a couple of a million dollars in loans from the United States Government. Malibu Entertainment is associated with rap artist and entrepreneur Jay-Z‘s Tidal music streaming service and applied for a Paycheck Protection Program (PPP) loan.

The PPP is one of the initiatives undertaken by the government’s CARES Act to help struggling small businesses that have been significantly impacted by the COVID-19 pandemic. The program was developed to assist companies with less than 500 employees to receive loans equal to two months of payroll for its employees with a cap of $100,000 per employee.

Jay-Z, Beyonce & Tidal’s staff circa 2015

Malibu Entertainment is, in fact, a separate company with less than 100 employees but according to documents released by the Small Business Administration, it is part of the overall Tidal company. Variety reports that Malibu Entertainment‘s loan application was approved in early April following the reported decrease in pay to the employees of both Tidal and Roc Nation as well as layoffs from both entities in March. Apparently, some Tidal employees told the outlet that their paychecks actually have Malibu Entertainment printed on them instead of Tidal.

Kanye West

Rapper-turned-fashion designer Kanye West, who recently announced his bid for President of the United States, has also been in the news for his company’s receipt of PPP funds. His Yeezy company also reportedly received more than $2 million from the program and they report that 160 jobs were saved as a result of the assistance. Additionally, the Yeezy brand has recently partnered with Gap to develop the YZY for Gap apparel line aimed to hit brick-and-mortar stores and online in 2021.

What are your thoughts on the Tidal-affiliated Malibu Entertainment receiving COVID-19 assistance? Tell us in the comments!

Authored by: Sincerely Liz