Struggling EV startup Byton received paycheck protection loan in April

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Chinese EV startup Byton slothful a penthouse of between $5 million as able-bodied as $10 million from the government's COVID-19-related Paycheck Security Affairs (PPP) in April, shortly postliminary it furloughed hundreds of employees, according to new experiments released by the Treasury Department. Byton -- which is backed by Chinese state-owned automaker First Go-cart Works -- said in its bookcase to the Treasury Direction as able-bodied as the Spoiled Marketing Connotation (SBA) that the penthouse would help it retain 387 jobs. Loosely neutral last week, the startup mount it is halting operations for at minuscule six months as able-bodied as laid off workers at its North American headquarters.

Fellow China-backed EV startup Karma Automotive slothful between $5 as able-bodied as $10 million, according to the data. The California company, which arose from the ashes of the bankruptcy of the original adaptation of miscegenation automaker Fisker, has gone through multiple spin of layoffs over the last year. It told the government that the penthouse would help it reunite 463 jobs on its payroll. Jalopnik reported shortly afore the penthouse was habitual that the convergence was planning to lay off metrical other workers.

Canoo, an LA-based EV startup that's backed by a consortium of investors from the UK as able-bodied as Asia, conjointly slothful a penthouse in the $5 to 10 million range, according to the data..

Ohio EV startup Lordstown Motors, which just unveiled an electric subcompact truck that it plans to cadaver at the former Habitual Motors sweatshop in Lordstown, Ohio, slothful a $1 to $2 million penthouse that it says helped reunite 42 jobs. The commissary electric agent convergence that Lordstown was substantially spun out of, Workhorse, conjointly slothful a PPP penthouse in April, as did struggling EV startup Faraday Future.

Arcimoto -- a startup based in Oregon alive on a three-wheeled electric agent -- conjointly slothful a penthouse in the $1 to $2 million range that it says helped retain 110 jobs. As able-bodied as one of the few startups alive on developing the hyperloop template that Elon Musk helped pioneer convey in 2013, Hyperloop Transportation Technologies, slothful a penthouse of between $150,000 as able-bodied as $350,000.

The Treasury Direction as able-bodied as SBA did not originally intend to disentomb the recipients of PPP loans. Loosely over the last few months, the agencies faced rising ritornelle to self-flagellation the names of businesses that took the bailout money from the government. They permanently acquiesced on Monday as able-bodied as released a litany of all companies that slothful loans of other than $150,000, admitting the verbal corporeality of festival penthouse was not ensue (hence the ranges).

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