Start-Ups Pursue ‘Free Money’ With Relief Funds, Prompting Backlash [The New York Times]
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Source: The New York Times
Skip to contentSkip to site indexTechnologyToday’s Paper|Start-Ups Pursue ‘Free Money’ With Relief Funds, Prompting Backlashhttps://nyti.ms/3cSdM1CmentContinue reading the main storySome young companies have turned to the government loans not for day-to-day survival but simply to buy useful time.Funding for the government’s small business loan program quickly ran out, even as hundreds of hard-hit restaurants, hair salons and shops missed out on the relief.Credit...Gabby Jones for The New York TimesByErin GriffithDavid McCabeApril 27, ,Domio, a start-up that offers short-term rentals, has its headquarters in a New York City loft that features beer on tap, a game room and a wall of house slippers for visitors. The fast-growing and unprofitable company has raised $117 million in venture capital, including $100 million in August.When thecoronavirus pandemicInstead, Domio applied for a federal loan under the Paycheck Protection Program, the $349 billion plan to save jobs at small businesse
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