Congressional committee demands San Jose data firm give back $10 million coronavirus loan

Congressional committee demands San Jose data firm give back $10 million coronavirus loan

4 years ago
Anonymous $pSba0tWIcA

https://www.siliconvalley.com/2020/05/08/congressional-committee-demands-san-jose-data-firm-give-back-10-million-coronavirus-loan/

A Congressional coronavirus committee is demanding that a San Jose data-storage company valued at more than $170 million in the stock market return a $10 million pandemic-relief small business loan.

The letter from Democrats on the House coronavirus subcommittee said that when Congress voted offer loans to small businesses affected by the outbreak, it intended to provide “an invaluable lifeline for small businesses that otherwise might be forced to lay off employees or shut down entirely.” The Paycheck Protection Program wasn’t for big companies with substantial investor bases and access to capital markets, the letter sent Friday to Quantum CEO Jamie Lerner said.

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