Connect with us

News

A look at the tech companies that received over $150k in PPP loans

(And some who probably shouldn’t have)

tech ppp loans
Image: KnowTechie

In late March, the US government approved the Paycheck Protection Program, which would let businesses apply for a low interest (1%), forgivable loan in the wake of businesses shutting down over COVID-19. The PPP was intended for smaller businesses (under 500 people), but apparently, that hasn’t stopped many companies from taking advantage of the program thanks to specific wording regarding singular locations.

There have been plenty of stories of businesses that really didn’t need the loan getting approved for loans over $100,000, but this week, the US government released a list of all the companies that received loans over $150,000.

The list is already making waves, with some companies saying the information is incorrect. Take Bird, for example. The electric scooter company supposedly received a loan worth between $5 million and $10 million, but the company and CEO have come out to say that it is not true.

The PPP loans are supposed to be used to help protect workers, with the money to be used to keep them on the payroll in the midst of shutdowns and other issues due to COVID-19.

With this list, which identifies roughly 650,000 businesses that received over $150,000, we now have a better idea of just which companies, including tech companies, received the money and how many jobs they were supposedly saving.

Tech companies that received over $150,000 from PPP loans

The list of companies is vast, so there are definitely some not listed here and there may be some that shouldn’t be on the list (if Bird and Index Ventures are anything to go by). Regardless, check below for the growing list of tech companies that supposedly received loans, as well as loan amounts and the reported number of jobs retained.

This is definitely not a full list of every tech company to receive a loan, but we did try to compile a lot of the bigger applicants, as well as tech hotspots like California, Boston, Seattle, and so on.

Company Loan amount (Range) Number of jobs retained
Acronis Inc $2-5 million 0
Aeye $2-5 million 85
Airbiquity $1-2 million 54
Akvelon $1-2 million 72
Alert Innovation $2-5 million 10
Algorithmia $1-2 million 58
AllTurtles $350k – 1 million 26
Allurion Technologies $1-2 million 70
Americlerk $1-2 million 0
Amperity $2-5 million 155
Appcues $1-2 million 72
Aqua Security Software $1-2 million Not listed
Avid Technology $5-10 million Not listed
Bardy Diagnostics $2-5 million Not listed
Barkbox $5-10 million 340
Bitmovin $350k – 1 million 157
Bittrex $1-2 million 102
Blink Interactive $2-5 million Not listed
Bolt Mobility $350k – 1 million 18
BSQUARE $1-2 million 42
Byton North America $5-10 million 387
Canoo $5-10 million 0
Catalant Techonlogies Inc $5-10 million 219
ChaosSearch $350k – 1 million 22
Code.org $1-2 million 81
Coding Dojo $1-2 million 57
Coffee Meets Bagel $1-2 million 47
Connected2Fiber $350k – 1 million 43
ConnectRN $2-5 million 224
Core Scientific $150k – 350k 18
Crayon Inc $1-2 million 72
Cygilant $350k – 1 million 106
DataKitchen $350k – 1 million 33
Disruptor Beam $350k – 1 million 0
DomainTools $2-5 million 87
Dover Microsystems $350k – 1 million 21
EMC Technologies $350k – 1 million 39
Endogastric Solutions $2-5 million 79
Entelo $1-2 million 36
Etailz $2-5 million 157
ExaGrid Systems, Inc. $5-10 million 249
ExtraHop $5-10 million 0
Faraday Future $5-10 million 237
Fincura $350k – 1 million 9
Flipboard $2-5 million 75
Flyhomes $2-5 million 0
Formlabs Inc. $5-10 million 150
Fronteo $5-10 million 434
Fuze $5-10 million 0
Fyusion $1-2 million 10
GasBuddy LLC $1-2 million 39
Getaround $5-10 million 448
Globalization Partners $2-5 million 87
Gravity Payments $2-5 million 197
Grindr $1-2 million 69
Hardsuit Labs $1-2 million 96
Hired $5-10 million 156
Hiya $1-2 million 73
Hyperloop Transportation Technologies $150k – 350k 15
iBoss $2-5 million 204
iClick $1-2 million 149
Indigo Technologies $350k – 1 million 35
INRIX $2-5 million 114
Interactions LLC $5-10 million 459
IronNet $5-10 million 252
iSoftStone $2-5 million 133
Jassby $350k – 1 million 23
JetClosing $1-2 million 81
Jukin Media $2-5 million 127
Karma Automotive $5-10 million 463
Kodiak Robotics $1-2 million 87
Legility $5-10 million Not listed
Lendbuzz $350k – 1 million 52
Level 2 Legal $1-2 million 83
Lighter Capital $1-2 million 59
Luminar $5-10 million 341
Marchex $2-5 million 180
Markforged Inc. $5-10 million 219
Massdrop $2-5 million 56
May Mobility $1-2 million 58
Medstreaming $2-5 million 116
Metromile $5-10 million 75
MicroVision $1-2 million 76
Mixpanel $5-10 million 359
Modo Labs $1-2 million 88
Nanigans $350k – 1 million 23
Nantero $1-2 million 60
Neurala $350k – 1 million 37
New Engen $2-5 million 0
Nio USA $5-10 million 204
Nylas $1-2 million 76
Omnisci $2-5 million 69
Onapsis Inc. $2-5 million 91
OpenResearch $150k – 350k 0
Optimus Ride $2-5 million 159
Ossia $1-2 million 45
Peerspace $1-2 million 28
Pixability $1-2 million Not listed
Porch $5-10 million 409
PreVeil $350k – 1 million 20
Privy Inc. $1-2 million 64
Proletariat $350k – 1 million 59
Promoboxx $1-2 million 35
Pronto.ai $350k – 1 million 17
Proterra $5-10 million 500
Quantcast $5-10 million 427
Quantopian $350k – 1 million 32
RealNetworks $2-5 million 487
Realwear $2-5 million 51
Redapt $1-2 million 95
Reputation.com $5-10 million 0
Rescale $2-5 million 117
Rhapsody $1-2 million 65
RideCell $2-5 million 146
RightHand Robotics $1-2 million 66
Rover $5-10 million Not listed
Saildrone $2-5 million 66
Shiftboard $1-2 million 42
Sightlife $2-5 million 155
SkyKick $2-5 million 0
Splice Machine $350k – 1 million 33
Sporcle $1-2 million 0
SquareFoot $1-2 million Not listed
Stackin $150k – 350k Not listed
Styleseat $1-2 million 73
Survata $1-2 million 0
TableSafe $1-2 million 54
Takeoff Technologies $1-2 million 100
Talkdesk $5-10 million 282
Teikametrics $1-2 million 105
Tempered Networks $1-2 million 59
The Predictive Index Holdings LLC $2-5 million Not listed
The Riveter $1-2 million 42
TradeShift $5-10 million 201
Tradesy $1-2 million 107
Turo $5-10 million Not listed
TuSimple $2-5 million 324
Udelv $350k – 1 million 0
Unify Square $1-2 million 56
Vecna Technologies $1-2 million 62
Velodyne $5-10 million 450
Vix Technology $1-2 million 63
Wanderjaunt $1-2 million 1693
WiTricity Corp. $1-2 million 42
Wrench $1-2 million 112
Xealth $1-2 million 10
Zazzle $5-10 million 307
Zendrive $1-2 million 34
ZocDoc $5-10 million 250

 

If you spend any time on this list of PPP loans you’ll notice a couple of interesting standouts. For one, you have Stackin on there. Stackin is basically a financial app/product for younger people. Well, back in May the company received $12 million in Series B financing.

Then you have Nio US, an electric vehicle company that is based in China that has a branch in the US. It received over $5 million in PPP loans. TuSimple, a company with funding close to $300 million, received between $2-5 million. Zumper, not on this list, actually retracted its loan application for fear of backlash.

Other companies, like ZocDoc, have actually already returned the money, stating that they were able to pivot in the wake of COVID-19 and returned the money to help other businesses in need. On the opposite end of the spectrum, companies like Rover and ExtraHop received $5-10 million in funding and still ended up cutting their workforces.

Obviously, this isn’t a full picture of everything going on with all of these companies, but with stories like those of Shake Shack and Ruth’s Chris, it’s ok to be a bit skeptical about some of these loans.

What do you think? Are you worried that some companies that received PPP loans shouldn’t have? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

Comments
Advertisement

More in News