The U.S. Treasury Department launched Monday a extremely anticipated trove of knowledge figuring out each firm that has acquired a mortgage of greater than $150,000 from the Paycheck Protection Program (PPP) — a listing that features among the hottest names within the tech startup world, together with Bolt Mobility, Getaround, Luminar, Stackin, TuSimple and Velodyne.
The knowledge, which lists the names of corporations that acquired small enterprise loans over $150,000, was the results of a push for higher transparency across the loans. The checklist additionally offers the variety of jobs that every firm stated it plans to retain because of the funds.
The PPP loans grew to become obtainable to assist prop up corporations affected by the COVID-19 pandemic, which has prompted native and state governments to concern stay-at-home orders and shut non-essential companies. The $2 trillion CARES Act handed by Congress and signed by President Trump, included PPP loans designed to offer a direct incentive for small companies to maintain their employees on the payroll. The Small Business Administration, which handles the functions, will forgive loans if all worker retention standards are met.
As illuminating as this dump of knowledge is, it could include inaccurate info. Both Bird and Index Ventures have issued statements that counter info offered by the federal authorities.
“Bird was erroneously listed as an organization that filed for a PPP Loan,” in line with an emailed assertion from Bird. “We didn’t apply for nor did we obtain a PPP Loan. We determined as an organization to not file an software as we didn’t wish to divert important funding from small and native companies.”
Bird CEO and founder Travis VanderZanden tweeted Monday that Citi had began an software whereas it awaited the corporate’s choice on whether or not to formally apply. Bird informed Citi it determined to not apply and the financial institution informed the corporate the momentary software had been cancelled.
Bird spoke with Citi early on, however determined to not apply for PPP b/c the cash was extra deserved by small and native companies. Citi will verify this. Not positive how we made the PPP checklist, however we're investigating. https://t.co/81HUJLKy4o
— Travis VanderZanden (@travisv) July 6, 2020
Index Ventures confirmed it has not utilized for or acquired a mortgage. Andreessen Horowitz, which was additionally listed within the PPP knowledge, confirmed that it has not utilized for or acquired a mortgage in a press release to TechCrunch.
Earlier as we speak, there was an faulty entry that Index Ventures utilized for a PPP mortgage. We can verify that Index Ventures didn’t apply for a PPP mortgage at any level. Our authorized group is wanting into why our identify is listed and seeking to right it ASAP.
— Index Ventures (@IndexVentures) July 6, 2020
Below is a listing of tech startups and corporations, together with some enterprise corporations that acquired cash, both for themselves or on behalf of portfolio corporations, from this system. The story is growing and we’re looking for to verify the loans with corporations. We will replace all through the day.
$150,000 to $350,000 vary
- Stackin, which connects millennials to fintech startups, raised a mortgage. soThis mortgage is notable as a result of the fintech firm raised a $12.6 million Series B financing in May, is listed within the mortgage knowledge. CEO Scott Grimes didn’t instantly reply to a request for remark.
- OpenResearch, previously named Y Combinator Research, plans to retain zero jobs. The nonprofit firm rebranded in May, and introduced that it’s working independently from Y Combinator and can now not be affiliated with the incubator. This renaming announcement got here after the nonprofit utilized for a PPP grant.
$350,000 to $1 million vary
- Bolt Mobility, a metropolis micromobility upstart, plans to retain 18 jobs
$1 million to $2 million vary
- SquareFoot, a New york-based workplace real-estate upstart, bought a mortgage. According to The Information, CEO Jonathan Wasserstrum bought $1 million to keep away from reducing the workers amid actual property transactions slowing down as a result of COVID-19.
$2 to $5 million vary
- Self-driving trucking firm TuSimple plans to save lots of 324 jobs. TechCrunch just lately reported that this startup, which gained unicorn standing in 2019, has employed Morgan Stanley because it seeks $250 million in new funding.
- Yeezy LLC, an organization owned by Kanye West, is listed and the cash will retain 106 jobs.
$5 to $10 million mortgage vary
- Getaround, a peer-to-peer automobile sharing service, plans to save lots of 448 jobs. In a press release to TechCrunch, Getaround confirmed the mortgage and stated that this system “helped scale back the in any other case extreme affect on the well being of our group,” as a result of lockdowns and coronavirus restrictions.
- Luminar, a lidar sensor firm, plans to retain 341 jobs
- Turo, a peer-to-peer car-sharing service, doesn’t disclose the variety of jobs that can be retained.
- Velodyne, a lidar sensor firm, plans to save lots of 450 jobs.
Update: Just a few of the job numbers had been entered incorrectly and have since been corrected.