Thousands of venture-capital-backed startups applied for U.S. government-assistance loans when the pandemic hit. Many of them then went on to raise hundreds of millions of dollars each by going public via the SPAC route, The Wall Street Journal reports.
More than 30 venture-funded tech startups with valuations of more than $150 million announced a deal with a SPAC within about a year of receiving taxpayer-funded forgivable loans designed to help small businesses pay their employees through the pandemic. Read more.
