Chinese EV startups Byton and Nio received paycheck protection loans of at least $5 million

Chinese EV startups Byton, Nio, and Karma Automotive were among the companies that received the largest loans from the government’s COVID-19-related Paycheck Protection Program (PPP) in April, with each receiving loans of between $5 million and $10 million, according to new data released by the Treasury Department and the Small Business Administration (SBA).
Byton received its loan shortly after it furloughed hundreds of employees in April, according to the US government. The company — which is backed by Chinese state-owned automaker First Auto Works — said in its application to the Treasury Department and the Small Business Association (SBA) that the loan would help it retain 387 jobs. But just last week, the startup announced it is h…

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