A number of venture-backed tech start-ups were among the companies that received loans under a program intended to blunt the economic damage from Covid-19, according to data released Monday by the Trump Administration.
The data follows demands from Democrats for more transparency around the Paycheck Protection Program, or PPP, funds established as part of the $2 trillion CARES Act, which President Donald Trump signed this spring.
The PPP’s goal is to offer forgivable loans to smaller businesses, helping them to stay afloat and employees to maintain their jobs as the coronavirus puts the U.S. economy on hold. Companies that maintain most of their payroll through the span of the loan may convert those funds into a grant.
While the aim of the program was to aid ailing companies with less than 500 employees, its effectiveness has remained unclear. Larger and public companies initially took advantage of loosely written language to tap the funds for themselves.
CNBC compiled a list of the tech-related startups and venture capital firms that received Paycheck Protection Program funding, according to the government list.
AllTurtles, an artificial intelligence startup, received between $350,000 to $1 million in loans.
Bird Rides, an electric scooter start-up, is listed as receiving between $5 million and $10 million in loans, but the company says this is in error. On Twitter, CEO Travis VanderZanden explained that Citi started an application but Bird decided not to apply, so Citi said they never submitted it.
Bitmovin, an online video software and infrastructure company, received between $350,000 and $1 million in loans.
Byton, an electric vehicle startup, received between $5 million and $10 million in loans.
Canoo, an electric vehicle startup, received between $5 million and $10 million in loans.
Coffee Meets Bagel, a dating application, received between $1 million and $2 million in loans.
Entelo, a source-to-hire recruitment automation platform, received between $1 million and $2 million in loans.