
Start-Ups Pursue ‘Free Money’ with Relief Funds, Prompting Backlash - duncanawoods
https://www.nytimes.com/2020/04/27/technology/startups-sba-loans-backlash.html
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kneel
From the article

>AltMarket, a Los Angeles start-up that released a cryptocurrency honoring the
late Wu Tang Clan rapper O.D.B., received a federal loan on April 14, its
chief executive, Bryce Weiner, said. He said his company, which has worked
with financial regulators in the past, was better equipped to sort through the
loan application than, say, a restaurant owner. He added that he had worked
closely with his lawyer for a week, contacting banks and loan providers.

I'm wondering what kind of mental gymnastics you have to pull to justify
taking relief money as a cryptocurrency exchange. This is one of many canaries
dying.

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beckingz
It's free money and easier than VC to get.

Also the VC's love more free money for their companies.

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x0x0
I thought the program was explicitly conceived as the country paying for a
couple months of payroll to help get companies through the covid / social
isolation recession. Even if you have money in the bank, every business that
doesn't have years of cash on hand has to be looking at their employees and
wondering if they should cut now. I think preventing this was an explicit
goal.

Hence, I don't understand why people are upset?

