I-TEAM Analysis: 22 Bay Area public companies received $69 million in PPP funding intended for small businesses
SAN FRANCISCO (KGO) -- At least 22 public companies in the Bay Area have received more than $69 million in federal funding through the Paycheck Protection Program (PPP), according to an ABC7 I-Team data analysis.
Quantum, a data storage company based in San Jose, received the most with $10 million in PPP funding. According to SEC filings, the company employs 800 full-time employees.
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"I want to know if the company plans on returning the money?" ABC7's Stephanie Sierra asked.
The company declined our interview request, but did send the following statement:
"The PPP loan is saving American jobs at Quantum - without it we would most certainly be forced to reduce headcount. We owe it to our employees -- who've stuck with us through a long and difficult turnaround -- to do everything we can to save their jobs during this crisis."
ABC7 asked if the company will be returning any portion of the funds, but we have yet to hear back.
Quantum is one of 22 Bay Area companies that received PPP funding.
Here's the full list:
Castlight Health, a San Francisco-based health software company is the only Bay Area company that has returned the funding.
According to ABC7's data analysis, Quantum and Castlight Health are the only two local companies that received $10 million. Three other companies came close receiving between $5-8 million.
Preliminary data shows Castlight Health is one out of the 25 public companies across the U.S. that have returned the federal funding intended for small businesses.
Here is the full list of those 25 companies:
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