Faraday Future participates in federal pandemic loan program
There is a lot of driving on this car.
Andrew Krok / road show
The federal government has set a lifeline for small businesses across the country with the Small Business Administration’s paycheck protection program. The government funded the program with $ 350 billion in loans and grants to help pay employees for home orders Coronavirus pandemicand a familiar face received money.
It is Faraday future, the EV startup, which continues to face difficulties and relies on the production of its first car, the FF 91. According to a report by The edge On Monday, the startup received just over $ 9 million as part of the SBA’s latest program to keep workers on the payroll. It received the almost maximum maximum of $ 10 million that the program allowed.
With around 400 employees, Faraday Future cannot fire any of them for the next eight weeks under the loan terms. The money can also be used for rent, utilities and mortgage interest. If the company meets all of these conditions, the loan can be granted.
To qualify for the loans, a company must employ fewer than 500 people, which other startup automakers such as Rivian – the Michigan-based startup Work with Amazon and ford employs around 2,000 people.
The loan is likely to come at a crucial time for Faraday Future despite the pandemic conditions. The company’s founder, Jia Yueting, filed for bankruptcy last year. Previously, a massive financing contract for the automaker failed, which did not provide crucial funds for a new production facility. It sold its former headquarters collect money quickly. Really, the startup has only had hard times so far.
The SBA ran out of money from the $ 350 billion program last week. Now it is up to Congress to provide additional funding as companies work to stay afloat amid the pandemic.
Look at that:
CES 2020: Take the Faraday Future FF 91 EV for a jaunt
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