(Reuters) – The COVID-19 pandemic arrived just as Respond Software CEO and co-founder Mike Armistead was trying to sell automated cyber security software to new clients. Most of them are no longer in a buying mood. So Respond Software, a 50-employee, venture-backed startup, applied for about $1 million in government support.
CEO Mike Armistead and two Respond Software team members look at product designs in Mountain View, California, U.S. in this undated February 2019 photo. Brian Byllesby/Respond Software/Handout via REUTERS
Respond Software, which last year raised $20 million from investors including Foundation Capital and CRV, is one of more than 1.5 million U.S. companies that have applied for the nearly $350 billion in Paycheck Protection Program. The PPP, launched in early April, dispenses low-interest loans that can be forgiven.
But the program, a key piece of the federal government’s stimulus efforts to help small businesses and their employees, has run out of money….
Source Reuters Tech News
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