- The Trump administration on Monday released a list of companies that have received the largest sums of money distributed through the Paycheck Protection Program, which was put in place to combat the economic fallout from the COVID-19 pandemic. 19.
- A number of Silicon Valley tech companies and venture capital firms were among the winners, including Andreessen Horowitz, Burning Man Festival, Bird, Eat Club and Enjoy.
- PPP loans are intended to allow companies to continue paying their staff even if their revenues are affected by the COVID-19 pandemic.
- However, some companies said on Monday they were mistakenly listed as PPP recipients and never applied for or received a loan.
- Visit the Business Insider homepage for more stories.
The Trump administration has released new information about companies that have received federal loans to weather the economic toll of the COVID-19 pandemic — and several Silicon Valley companies are among the recipients.
But some companies have disputed the accuracy of the data provided by the Small Business Administration, the federal agency that oversees lending. Bird told Business Insider he was “listed in error,” adding that he “did not apply for or receive a PPP loan.” Index Ventures, a venture capital firm listed as a loan recipient, said in a Tweeter that he never received a loan.
The SBA did not immediately comment on claims by some companies that they never sent loan applications or received money, but were listed in Monday’s disclosure. A senior SBA official told Business Insider that the data may include some loan recipients who later repaid their loans if the banks administering the loans did not cancel the applications.
Federal officials said the loans, which totaled $521 billion, supported more than 51 million jobs nationwide. The biggest industry to receive the loans was healthcare, which received 12.9% of the money, while 12.7% went to businesses classified as “professional and technical services”, according to the disclosure.
Some have criticized the SBA – which administers the loans – for providing money to large, well-funded companies. More than $1 billion in loans went to publicly traded companies, according to the Washington Post reported in May.
Here are some of the notable tech companies and venture capitalists the SBA says have gotten loans, including some that said they didn’t apply for a loan or were listed in error. Full data is available on the Treasury Department website website. The documents disclose the range, not the specific amount, of the loan granted, as well as the number of employees indicated on each company’s application.