The U.S. Treasury Department released Monday a highly anticipated trove of data identifying every company that has received a loan of more than $150,000 from the Paycheck Protection Program (PPP) — a list that includes some of the hottest names in the tech startup world, including Bolt Mobility, Getaround, Luminar, Stackin, TuSimple and Velodyne.
The data, which lists the names of companies that received small business loans over $150,000, was the result of a push for greater transparency around the loans. The list also provides the number of jobs that each company said it plans to retain as a result of the funds.
The PPP loans became available to help prop up companies affected by the COVID-19 pandemic, which has prompted local and state governments to issue stay-at-home orders and close non-essential businesses. The $2 trillion CARES Act passed by Congress and signed by President Trump, included PPP loans designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Administration, which handles the applications, will forgive loans if all employee retention criteria are met.
As illuminating as this dump of data is, it may contain inaccurate information. Both Bird and Index Ventures have issued statements that counter information provided by the federal government.
“Bird was erroneously listed as a company that filed for a PPP Loan,” according to an emailed statement from Bird. “We did not apply for nor did we receive a PPP Loan. We decided as a company not to file an application as we did not want to divert critical funding from small and local businesses.”
Bird CEO and founder Travis VandenZander tweeted Monday that Citi had started an application while it awaited the company’s decision on whether to formally apply. Bird told Citi it decided not to apply and the bank told the company the temporary application had been cancelled.
Index Ventures confirmed it has not applied for or received a loan.
Below is a list of tech startups and companies, including some venture firms that received money, either for themselves or on behalf of portfolio companies, from the program. The story is developing and we’re seeking to confirm the loans with companies. We will update throughout the day.
$150,000 to $350,000 range
- Stackin, which connects millennials to fintech startups, plans to retain 33 jobs. This loan is notable because the fintech company raised a $12.6 million Series B financing in May, is listed in the loan data. CEO Scott Grimes did not immediately respond to a request for comment.
- OpenResearch, formerly named Y Combinator Research, plans to retain 13 jobs. The nonprofit company rebranded in May, and announced that it is operating independently from Y Combinator and will no longer be affiliated with the incubator. This renaming announcement came after the nonprofit applied for a PPP grant.
$350,000 to $1 million range
- Bolt Mobility, a city micromobility upstart, plans to retain 27 jobs
$2 to $5 million range
- Self-driving trucking company TuSimple plans to save 324 jobs. TechCrunch recently reported that this startup, which gained unicorn status in 2019, has hired Morgan Stanley as it seeks $250 million in new funding.
$5 to $10 million loan range
- Getaround, a peer-to-peer car sharing service, plans to save 12 jobs
- Luminar, a lidar sensor company, plans to retain 7 jobs
- Velodyne, a lidar sensor company, plans to save 19 jobs
Written by Kirsten Korosec
This news first appeared on https://techcrunch.com/2020/07/06/heres-a-list-of-tech-companies-that-the-sba-says-took-ppp-money/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29 under the title “Here’s a list of tech companies that the SBA says took PPP money”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.