Silicon Valley leaned on the Paycheck Protection Program despite opposition from some venture capitalists
By Rolfe Winkler Close Rolfe Winkler July 8, 2020 10:24 am ET Billionaire tech entrepreneur Tom Siebel said last month that his software company, C3.ai Inc., is growing sales 80% annually. It has raised hundreds of millions of dollars from big name venture capital investors including early Facebook Inc. backer Jim Breyer. It also received at least $5 million from the government’s Paycheck Protection Program.
The newly released Treasury data show that venture-capital firms including New Enterprise Associates, Andreessen Horowitz, Khosla Ventures and Kleiner Perkins each had dozens of portfolio companies receive the forgivable loans, according to an analysis by research firm CB Insights. SVB Financial Group’s Silicon Valley Bank, which counts many startups among its clients, processed nearly 2,200 loans for more than $150,000 each, distributing $1.
The application didn’t require key information such as bank statements showing applicants’ cash balances, though companies had to certify that they needed the loans because of the economic uncertainty. Jarrett Streebin, co-founder and chief executive of shipping-software company EasyPost, said his company returned its $6 million loan because there was too much “gray area” around who qualified and he feared his company could face potential liability.
More on the Paycheck Protection Program Bill Gurley, of venture firm Benchmark, railed against bailouts in April, saying on Twitter: “Let’s be candid. If you believe in business & capitalism, then there are zero circumstances where the government should bail out equity holders.”
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