Ozy Media Got Millions in PPP Loans. But Where Did It Go?

Ozy Media has been under intense scrutiny in the last few weeks as reports alleging dubious business practices came to light, forcing the media startup to shut its doors entirely. CNBC reports that Ozy is facing another scandal about employees’ paychecks—or lack thereof. The company received two loans through the government’s pandemic-related Paycheck Protection Program. The first was in April 2020 for $3.75 million, and the second was in February 2021 for $2 million. PPP funds are supposed to protect employees’ paychecks and save jobs, but ex-Ozy staffers reveal they have yet to reap any of the promised benefits. “No one had anything returned to them by way of salary post them receiving these PPP loans,” said one former employee. Another called the matter “disheartening,” especially when “you work so hard and give your life to this company, to be dismissed and disrespected.”