The U.S. Treasury Department released Monday a highly anticipated trove of data identifying every company that has received a loan of more than $150,000 from the Paycheck Protection Program (PPP) — a list that includes some of the hottest names in the tech startup world, including Bolt Mobility, Getaround, Luminar, Stackin, TuSimple, and Velodyne.
The data, which lists the names of companies that received small business loans over $150,000, was the result of a push for greater transparency around the loans. The list also provides the number of jobs that each company said it plans to retain as a result of the funds.
The PPP loans became available to help prop up companies affected by the COVID-19 pandemic, which has prompted local and state governments to issue stay-at-home orders and close non-essential businesses.
As illuminating as this data is, it may contain inaccurate data. Both Bird and Index Ventures have issued statements that counter information provided by the federal government.
“Bird was erroneously listed as a company that filed for a PPP Loan,” according to an emailed statement from Bird. “We did not apply for nor did we receive a PPP Loan. We decided as a company not to file an application as we did not want to divert critical funding from small and local businesses.”
Bird CEO and founder Travis VandenZander tweeted Monday that Citi had started an application while it awaited the company’s decision on whether to formally apply. Bird told Citi it decided not to apply and the bank told the company the temporary application had been cancelled.
Bird spoke with Citi early on, but decided not to apply for PPP b/c the money was more deserved by small and local businesses. Citi will confirm this. Not sure how we made the PPP list, but we're investigating. https://t.co/81HUJLKy4o
— Travis VanderZanden (@travisv) July 6, 2020
Index Ventures confirmed it has not applied for or received a loan.
Earlier today, there was an erroneous entry that Index Ventures applied for a PPP loan. We can confirm that Index Ventures did not apply for a PPP loan at any point. Our legal team is looking into why our name is listed and looking to correct it ASAP.
— Index Ventures (@IndexVentures) July 6, 2020
Below is a list of tech startups and companies, including some venture firms that received money, either for themselves or on behalf of portfolio companies, from the program. The story is developing and we’re seeking to confirm the loans with companies. We will update throughout the day.
$150,000 to $350,000 range- Stackin, which connects millennials to fintech startups, plans to retain 33 jobs. This loan is notable because the fintech company raised a $12.6 million Series B financing in May, is listed in the loan data. CEO Scott Grimes did not immediately respond to a request for comment.
- Bolt Mobility, a city micromobility upstart, plans to retain 27 jobs
- Getaround, a peer-to-peer car sharing service, plans to save 12 jobs
- Luminar, a lidar sensor company, plans to retain 7 jobs
- Velodyne, a lidar sensor company, plans to save 19 jobs
Developing …
