Philadelphia Inquirer Receives Ten Million Dollar PPP Loan

The Philadelphia Inquirer has been scuffling along the last few years, not exactly lighting the world on fire on the business side of the operation.

Good news, however, because the Inky was approved for a max loan through the government’s COVID-19 PPP program.

Jeff Blumenthal at the Philadelphia Business Journal writes the following:

At the risk of burying the lede here, the main takeaway is that this will result in no layoffs taking place. That’s according to publisher Lisa Hughes – no relation to Larry – who sent an email to staffers announcing the news.

There could be more buyouts, however. That’s always an option, and a number of veteran Inquirer staffers have taken those packages over the years, as the paper looks to cut costs, get younger, become more diverse, and transition to a more feasible digital product, which would allow the sales department to get things straightened out.

Here’s another tidbit, from the Inky writeup, that’s worth mentioning:

“Earlier this month, Hughes announced that The Inquirer had sold its Montgomery County printing plant for $37 million in a cost-cutting move. The Inquirer has said in October about 500 of the 550 employees who work at the plant would be laid off, nearly half of The Inquirer’s total workforce of 1,073.”

Blumenthal says the Inquirer sold that Upper Merion plant and now prints out of a unionized facility in Cherry Hill.

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