Silicon Valley tech companies took many millions in government bailout money this year via a program intended to allow employers to retain their employees during the pandemic.
According to newly released Small Business Administration data, 885 Silicon Valley tech companies borrowed a total of $381.3 million via the Paycheck Protection Program. That figure excludes telecommunications companies and does not account for businesses based in San Francisco.
The vast majority of these tech companies aren’t exactly well known, with a couple of notable exceptions.
San Mateo-based smart location device company Tile borrowed $2.5 million through Central Pacific Bank on April 15. The company’s website says it’s now hiring. Tile’s investors include Bessemer Venture Partners, GGV Capital, Tencent, and Khosla Ventures.