Confusion reigned after the US government’s list of Payment Protection Program loan recipients named various high-profile startups and venture capital firms, including some who denied even applying for the $669 billion pandemic relief program.
- In the spring, a fierce debate erupted across the business world over whether companies with wealthy investors should accept emergency relief funds.
- Among the VC firms that said they had been listed in error were Andreessen Horowitz, Index Ventures and Foundation Capital. Bird, the venture-backed scooter rental startup, also cried foul for being named in the list published Monday by the Small Business Administration.
- The SBA didn’t immediately comment on the claims of erroneous data.
- In a statement earlier in the day, the agency said the list reflects 4.9 million approved loans totaling more than $521 million through June 30. The average loan size was about $107,000, with the vast majority under $50,000 and more than 4,800 loans ranging from $5 million to $10 million.
Source: Pitchbook
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