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Several Silicon Valley companies were listed as coronavirus paycheck loan recipients — but some say they never applied for loans in the first place

Business Insider Logo By aholmes@businessinsider.com (Aaron Holmes) of Business Insider | Slide 1 of 10: The Trump administration on Monday released a list of the companies that received the largest sums of money distributed through the Paycheck Protection Program, which was set up to combat the economic fallout from the COVID-19 pandemic.A number of tech companies and Silicon Valley venture firms were listed among the recipients, including Andreessen Horowitz, the Burning Man festival, Bird, Eat Club, and Enjoy.The PPP loans are meant to enable businesses to continue paying staff even as their revenue takes a hit amid the COVID-19 pandemic.However, some companies said Monday that they were mistakenly listed as PPP recipients and never applied for or received a loan.Visit Business Insider's homepage for more stories.The Trump administration has released new information on the businesses that received federal loans to withstand the economic toll of the COVID-19 pandemic — and several Silicon Valley companies are listed among the recipients.But some companies have disputed the accuracy of the data provided by the Small Business Administration, the federal agency overseeing the loans. Bird told Business Insider that it was "erroneously listed," adding that it "did not apply for nor did we receive a PPP Loan." Index Ventures, a venture-capital firm listed as a loan recipient, said in a tweet that it never received a loan.The SBA did not immediately comment on specific companies' claims 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 returned their loans if the banks administering the loans did not cancel the applications.Federal officials said the loans, which totaled $521 billion, supported over 51 million jobs nationwide. The biggest industry to benefit from 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 criticized the SBA — which administers the loans — for providing money to large, well-funded companies. More than $1 billion of the loans went to publicly traded companies, The Washington Post reported in May.Here are some of the notable tech companies and venture-capital firms that the SBA said were awarded loans, including some that said they didn't apply for loans or were erroneously listed. The full data is available on the Treasury Department's website. The documents disclose the range, not the specific amount, of the loan awarded, as well as the number of employees listed on each company's application.Read the original article on Business Insider

Several Silicon Valley companies were listed as coronavirus paycheck loan recipients — but some say they never applied for loans in the first place

  • The Trump administration on Monday released a list of the companies that received the largest sums of money distributed through the Paycheck Protection Program, which was set up to combat the economic fallout from the COVID-19 pandemic.
  • A number of tech companies and Silicon Valley venture firms were listed among the recipients, including Andreessen Horowitz, the Burning Man festival, Bird, Eat Club, and Enjoy.
  • The PPP loans are meant to enable businesses to continue paying staff even as their revenue takes a hit amid the COVID-19 pandemic.
  • However, some companies said Monday that they were mistakenly listed as PPP recipients and never applied for or received a loan.
  • Visit Business Insider's homepage for more stories.

The Trump administration has released new information on the businesses that received federal loans to withstand the economic toll of the COVID-19 pandemic — and several Silicon Valley companies are listed among the recipients.

But some companies have disputed the accuracy of the data provided by the Small Business Administration, the federal agency overseeing the loans. Bird told Business Insider that it was "erroneously listed," adding that it "did not apply for nor did we receive a PPP Loan." Index Ventures, a venture-capital firm listed as a loan recipient, said in a tweet that it never received a loan.

The SBA did not immediately comment on specific companies' claims 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 returned their loans if the banks administering the loans did not cancel the applications.

Federal officials said the loans, which totaled $521 billion, supported over 51 million jobs nationwide. The biggest industry to benefit from 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 criticized the SBA — which administers the loans — for providing money to large, well-funded companies. More than $1 billion of the loans went to publicly traded companies, The Washington Post reported in May.

Here are some of the notable tech companies and venture-capital firms that the SBA said were awarded loans, including some that said they didn't apply for loans or were erroneously listed. The full data is available on the Treasury Department's website. The documents disclose the range, not the specific amount, of the loan awarded, as well as the number of employees listed on each company's application.

Read the original article on Business Insider
© Jim Urquhart/Reuters

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