IDW Media Holdings, the parent company of IDW Games, received about $1.8 million in PPP loans from Bank of America. The loans, dated April 30, were received through their subsidiaries CTM Media Group, a marketing and brochure company, and Ettractions, a travel information company. As they are separate companies, it is doubtful if any of the money will be used for the game division.
Paycheck Protection Program (PPP) loans are low interest loans designed to help cover costs including payroll, benefits, mortgage and rent payments, utilities and debt obligations. There is no prepayment penalties associated, and certain amounts may be forgiven if they are used for qualifying expenses.
The company has also announced that some furloughed employees will not be returning.
In a message to Bleeding Cool the company said, “In April, IDW made the difficult decision to furlough several valued staff members, and two weeks ago, IDW welcomed several of those staffers back full-time. However, as we continue to adapt and deal with these challenging times, we have been forced to lay-off some of our longtime co-workers and friends. Although tough decisions like this are an unfortunate business reality and there is never a good time for them, these changes are necessary to ensure the long-term health of the company.”