EV firms Byton, Karma Automotive and Nio all received between $5 and $10 million in aid after joining the US PPP program.
In an attempt to save small businesses from falling victim to the economical side effects of the coronavirus recession, an economic downturn predicted to be the worst since the Great Depression of the 1930s, the US Small Business Association launched the Paycheck Protection Program which accepted applications until July 6.
Also on July 6, the US Treasury released a list of companies which benefited from the program by receiving loans of $150,000 or more; the EV start-ups Byton, Nio, and Karma Automotive all got between $5 million and $10 million to keep their head above water.
Unfortunately for these companies, even millions of dollars couldn’t keep them in the clear. Last week, Byton announced that operations will be suspended for at least six months due to the outbreak;