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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.

CompanyLoan amount (Range)Number of jobs retained
Acronis Inc$2-5 million0
Aeye$2-5 million85
Airbiquity$1-2 million54
Akvelon$1-2 million72
Alert Innovation$2-5 million10
Algorithmia$1-2 million58
AllTurtles$350k – 1 million26
Allurion Technologies$1-2 million70
Americlerk$1-2 million0
Amperity$2-5 million155
Appcues$1-2 million72
Aqua Security Software$1-2 millionNot listed
Avid Technology$5-10 millionNot listed
Bardy Diagnostics$2-5 millionNot listed
Barkbox$5-10 million340
Bitmovin$350k – 1 million157
Bittrex$1-2 million102
Blink Interactive$2-5 millionNot listed
Bolt Mobility$350k – 1 million18
BSQUARE$1-2 million42
Byton North America$5-10 million387
Canoo$5-10 million0
Catalant Techonlogies Inc$5-10 million219
ChaosSearch$350k – 1 million22
Code.org$1-2 million81
Coding Dojo$1-2 million57
Coffee Meets Bagel$1-2 million47
Connected2Fiber$350k – 1 million43
ConnectRN$2-5 million224
Core Scientific$150k – 350k18
Crayon Inc$1-2 million72
Cygilant$350k – 1 million106
DataKitchen$350k – 1 million33
Disruptor Beam$350k – 1 million0
DomainTools$2-5 million87
Dover Microsystems$350k – 1 million21
EMC Technologies$350k – 1 million39
Endogastric Solutions$2-5 million79
Entelo$1-2 million36
Etailz$2-5 million157
ExaGrid Systems, Inc.$5-10 million249
ExtraHop$5-10 million0
Faraday Future$5-10 million237
Fincura$350k – 1 million9
Flipboard$2-5 million75
Flyhomes$2-5 million0
Formlabs Inc.$5-10 million150
Fronteo$5-10 million434
Fuze$5-10 million0
Fyusion$1-2 million10
GasBuddy LLC$1-2 million39
Getaround$5-10 million448
Globalization Partners$2-5 million87
Gravity Payments$2-5 million197
Grindr$1-2 million69
Hardsuit Labs$1-2 million96
Hired$5-10 million156
Hiya$1-2 million73
Hyperloop Transportation Technologies$150k – 350k15
iBoss$2-5 million204
iClick$1-2 million149
Indigo Technologies$350k – 1 million35
INRIX$2-5 million114
Interactions LLC$5-10 million459
IronNet$5-10 million252
iSoftStone$2-5 million133
Jassby$350k – 1 million23
JetClosing$1-2 million81
Jukin Media$2-5 million127
Karma Automotive$5-10 million463
Kodiak Robotics$1-2 million87
Legility$5-10 millionNot listed
Lendbuzz$350k – 1 million52
Level 2 Legal$1-2 million83
Lighter Capital$1-2 million59
Luminar$5-10 million341
Marchex$2-5 million180
Markforged Inc.$5-10 million219
Massdrop$2-5 million56
May Mobility$1-2 million58
Medstreaming$2-5 million116
Metromile$5-10 million75
MicroVision$1-2 million76
Mixpanel$5-10 million359
Modo Labs$1-2 million88
Nanigans$350k – 1 million23
Nantero$1-2 million60
Neurala$350k – 1 million37
New Engen$2-5 million0
Nio USA$5-10 million204
Nylas$1-2 million76
Omnisci$2-5 million69
Onapsis Inc.$2-5 million91
OpenResearch$150k – 350k0
Optimus Ride$2-5 million159
Ossia$1-2 million45
Peerspace$1-2 million28
Pixability$1-2 millionNot listed
Porch$5-10 million409
PreVeil$350k – 1 million20
Privy Inc.$1-2 million64
Proletariat$350k – 1 million59
Promoboxx$1-2 million35
Pronto.ai$350k – 1 million17
Proterra$5-10 million500
Quantcast$5-10 million427
Quantopian$350k – 1 million32
RealNetworks$2-5 million487
Realwear$2-5 million51
Redapt$1-2 million95
Reputation.com$5-10 million0
Rescale$2-5 million117
Rhapsody$1-2 million65
RideCell$2-5 million146
RightHand Robotics$1-2 million66
Rover$5-10 millionNot listed
Saildrone$2-5 million66
Shiftboard$1-2 million42
Sightlife$2-5 million155
SkyKick$2-5 million0
Splice Machine$350k – 1 million33
Sporcle$1-2 million0
SquareFoot$1-2 millionNot listed
Stackin$150k – 350kNot listed
Styleseat$1-2 million73
Survata$1-2 million0
TableSafe$1-2 million54
Takeoff Technologies$1-2 million100
Talkdesk$5-10 million282
Teikametrics$1-2 million105
Tempered Networks$1-2 million59
The Predictive Index Holdings LLC$2-5 millionNot listed
The Riveter$1-2 million42
TradeShift$5-10 million201
Tradesy$1-2 million107
Turo$5-10 millionNot listed
TuSimple$2-5 million324
Udelv$350k – 1 million0
Unify Square$1-2 million56
Vecna Technologies$1-2 million62
Velodyne$5-10 million450
Vix Technology$1-2 million63
Wanderjaunt$1-2 million1693
WiTricity Corp.$1-2 million42
Wrench$1-2 million112
Xealth$1-2 million10
Zazzle$5-10 million307
Zendrive$1-2 million34
ZocDoc$5-10 million250

 

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.

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