Jay-Z publishes national newspaper ads showcasing Black businesses
It is to help Black companies that have been hit hard by the pandemic
As a show of support to the Black communities disproportionately affected by the coronavirus pandemic, both Jay-Z and his company Roc Nation have taken out several full-page ads in publications across the country highlighting local Black-owned businesses that need our support.
“This ad has been created to bring attention to Black-owned businesses. Historically, Black people have been murdered for owning, thriving, and being successful. To that, we say never again,” the spread read according to Black Enterprise.
“Power is in Black voices. Power is in Black actions. Power is in Black wallets. Roc Nation is committed to supporting Black entrepreneurs, their dreams and companies, We challenge everyone to do the same.”
Droves of Black-owned businesses have been spotlighted by Carter in The New York Times, The Denver Post, The Chicago Tribune, The Los Angeles Times, The Philadelphia Inquirer, The Austin American Statement, The Orlando Sentinel, and The Atlanta Journal-Constitution.
Each publication’s city has received targeted adverts about local establishments across various industries, from restaurants, beauty shops, clothing stores, book shops, health facilities, flower shops, waste collection, plumbing, auto shops, electricians, and print shops.
In April a national study was released which estimated that a whopping 45% of Black businesses would be in danger of closing within six months due to the coronavirus. In response to those sobering statistics, Carter and his team have launched various philanthropic initiatives geared toward providing aid to various Black causes.
Charity begins at home
According to Variety, documents released by the Small Business Administration and Treasury Department show that Malibu Entertainment, a company connected to Jay-Z’s Tidal streaming service, was among the list of businesses applying for and accepting Paycheck Protection Program loans for between $2 million and $5 million.
A source close to the publication claims the loan – which is part of the federal government’s $2 trillion CARES act to assist small businesses impacted by the coronavirus – was for $2.1 million.
They report, “The loan was approved on April 7, shortly after Tidal and Roc Nation, Jay-Z’s entertainment joint venture with Live Nation that shares addresses and apparently some other functions with the streaming service, laid off, furloughed or cut salaries 10%-20% across as much as half the company. A source tells Variety that 15 furloughed Tidal employees were laid off last week.”
It is worth noting that although Malibu – a Black-owned motion picture and video production business based in New York with 95 jobs supported, according to the SBA document — is part of the Tidal infrastructure, technically it is still considered a separate company from TIDAL.
According to the documents several other celebrities’ companies, like Yeezy, the apparel company owned by fellow billionaire Kanye West, also had to take out a $2 – $5 million loan to keep their enterprises afloat. Even the Messina Touring Group, which promotes tours by mega acts like Taylor Swift and Ed Sheeran have had to apply for loans to financially cover their crews and other support staff for current and future tours.
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