- A number of tech companies and Silicon Valley venture firms were 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.
- The Trump administration declined to release the specific loan amounts that each business received, instead giving only a range.
- Visit Business Insider's homepage for more stories .
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Burning Man, Bird, Andreessen Horowitz, and Yeezy: These startups and tech companies received coronavirus paycheck loans
The Trump administration on Monday released a list of the companies that received the largest sums of money distributed through the Paycheck Protection Program, a stimulus for businesses set up to combat economic fallout from the COVID-19 pandemic.
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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 among the recipients.
Federal officials said the loans supported over 51 million jobs nationwide, comprising over $521 billion total. 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 Small Business Administration 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.
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Here are some of the notable tech companies and VC firms that were awarded loans. The full data is available on the Treasury Department's website here . 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.
E-scooter startup Bird received between $5 million and $10 million to retain 341 jobs.
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Catering startup EAT Club was awarded between $5 million and $10 million to retain 500 jobs.
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E-commerce startup Enjoy received between $5 million and $10 million to retain 500 jobs.
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The legendary Silicon Valley venture capital firm Andreessen Horowitz received between $350,000 and $1 million for 24 jobs.
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Data firm Wave Computing was approved for a $2 million to $5 million loan to protect 29 jobs.
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The Burning Man festival received between $2 million and $5 million for an undisclosed number of employees.
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Kanye West's Yeezy brand received between $2 million and $5 million to save 160 jobs.
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This is a developing story. Check back for updates.
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- We got an exclusive look at the pitch deck Lithuanian delivery startup Ziticity used to raise $2.5 million during coronavirus
- A new alert on Facebook and Instagram tells people to wear masks in public to help prevent the spread of the coronavirus
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